I'm a California resident.

A student asked me to be his guarantor of a "back up" student loan. He lied to me that:

1. he only needs to borrow about $8K (and he actually borrowed $50K);
2. he would not borrow the money if he gets RA stipend from graduate school (he actually planned to borrow the money and he has borrowed cash from other sources and he tried to get more loans from different banks);
3. he asked me to be guarantor but actually he's applying the loan and put me as co-signer;
4. after obtaining my personal info, he sent out the application on computer without letting me read any details.

I was not aware it's a fraud until i found out later that he actually borrowed so much money and he borrowed even more from other sources. It's most likely he'll defaut the loans.

Please advise how do I prevent of being liable of the loan when he defaults.

thanks