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Disability, Student Loans And Cosigner's Rights

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  • 03-09-2008, 04:13 PM
    unknownpink
    Disability, Student Loans And Cosigner's Rights
    I was granted perminate and total disability last year. I have loans with Sallie Mae, and i had my doctor fill out the proper forms to discharge my federal loans. (They still have not processed that!) I also have a private loan that I have a cosigner on. Currently they have repayment set at about 60% of my total income. I have been underpaying on my loans, but I have been sending them what I can afford each month. They have been harrasing my cosigner, who can not afford to pay my loans because he has his own personal issues to deal with, nor do I feel he should have to pay my loans off.
    What are my options? If I file a bankrupcy will my cosigner sill be obligated to pay. Is there any way I can get him off the loan? My credit is already really bad so I don't really care what they put on my report, but I don't want my cosigner to have his good credit destroyed because I'm disabled and unable to meet their repayment terms. Other than dying, I don't know how to get out of this mess! :wallbang:
    Thanks for any advice. I'm in PA if that helps.
  • 03-09-2008, 05:36 PM
    Happy Trails
    Re: Disability, Student Loans And Cosigner's Rights
    Quote:

    What are my options? If I file a bankrupcy will my cosigner sill be obligated to pay.
    Yes, you filing will not relieve the co-signor from the debt.


    Quote:

    Is there any way I can get him off the loan?
    It would be up to the lender, but considering you could not get the loan without a co-signor, why would they want to release him from it?

    This is the risks that a co-signor takes when they agree to be one.


    Why You Shouldn't Be a Co-Signor on a Loan
  • 03-09-2008, 06:34 PM
    Betty3
    Re: Disability, Student Loans And Cosigner's Rights
    Yep - the co-signer on the loan is just as responsible for the loan as you are.
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