I am seeking the advice of anyone who knows about cosigner release from Sallie Mae loans. I live in California and cosigned a private (career training, not govt backed) loan from Sallie Mae, and the borrower defaulted. The loan is currently for 60K. Sallie Mae told me that if I make 24 consecutive ontime P&I payments then I can apply for cosigner release from the loan. That was almost 2 years ago and my 24th payment is due next month.
My question is, how easy is it to get released? My (limited) understanding is that the borrower must request it (which seems to me a conflict if interest - why would they give up free payments?) and also that Sallie Mae has sole discretion on release. What else do I need to know? Does the borrower have to make ontime payments for a while first before I am released? Do they have to prove they are financially sound?
Can I force a cosigner release somehow? My borrower is not working with me.
Finally, if I can't work anything out, is it better to let this go to collections and then I settle with the collections agency for less money? Sallie Mae is being inflexible and won't work with me.
I am quite desperate about this situation, it has been a burden. Please, if you have been in this situation and can provide advice, I really need it!

