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Cosigner of Student Loan - Deadbeat Borrower Problem

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  • 11-29-2010, 12:32 PM
    wearegetgetgo
    Cosigner of Student Loan - Deadbeat Borrower Problem
    My question involves collection proceedings in the State of: CA

    So this has been covered a few times on here already, but I had some additional questions. Much like a few of us on here, I cosigned on a student loan with Sallie Mae for an ex-girlfriend of mine 5 years ago. At the time, I was thinking that the cosigner release would be my way out, and that she would pay. Of course, she hasn't paid, it has gone delinquent twice, but hasn't negatively affected my credit report yet.

    I've been trying to pay this down, in hopes of the cosigner release, until i was told I had to pay both principal and interest. I was just paying interest.

    Is there any way as a cosigner, to be only on the hook for the principal? I heard I can ask about this? I know I'm kinda screwed, but hoping there's something that can help in the situation.

    Thanks for your time.
  • 12-02-2010, 12:50 PM
    Mr. Knowitall
    Re: Cosigner of Student Loan - Deadbeat Borrower Problem
    I have no reason to believe that anything in your contractual agreement as cosigner would limit your liability to the principal balance. That's not at all what a creditor would provide for in a standard contract.
  • 12-02-2010, 03:45 PM
    davidmcbeth3
    Re: Cosigner of Student Loan - Deadbeat Borrower Problem
    Knowitall, would he be able to claim his payments as a tax loss for his federal/state taxes ..
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