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  1. #1
    Join Date
    Feb 2010
    Location
    Mississippi
    Posts
    3

    Unhappy Sallie Mae Cosigner Stuck Paying the Loan

    My question involves criminal law for the state of: Mississippi

    Back in 2006 I cosigned a student loan through Sallie Mae for a friend.
    Everything was fine at first because she was paying the monthly payments
    on the loan but of course she stopped paying back in 2008. I have contacted
    her in person several times and she always has the excuse the she doesn't have the money.
    I went and talked to a lawyer and the only advice he gave was that I could pay off the loan myself and turn around and sue her for the amount I paid. I have also talked to Sallie Mae and they said that I would have to make 12 payments on time and keep the balance current before a could asked to be released from the loan. Which I think is a load of bull trying to get me to pay. I would file bankruptsy but this is the only thing on my credit.

    I have already paid $1900.00 on the $4800.00 loan but of course hardly none of that went towards the balance but mainly towards late fees and interest.
    I don't have the money to pay the bill anymore. What can I try now???

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Sallie Mae Cosigner Stuck Paying the Loan

    One of the perils of being a cosigner is that you can get stuck paying off the loan. The lender required a cosigner because the borrower was a poor credit risk. You don't get out of being a cosigner on the basis that they defaulted - that's why the bank wanted you on the hook in the first place.

    Sallie Mae will consider releasing you if the loan is current for a specified period, but only if the borrower qualifies for the loan without a cosigner - so if your friend is a deadbeat who can't pay the loan, they won't release you. If your friend has money but prefers that you pay the loan so she doesn't have to, you can sue her for the money you've paid in small claims court then try to get her to pay off the judgment. No guarantee she'll be any more diligent or responsible about that, than she is with the student loan.

  3. #3
    Join Date
    Feb 2010
    Location
    Mississippi
    Posts
    3

    Default Re: Sallie Mae Cosigner Stuck Paying the Loan

    Thanks for the info. I guess that the procedures are pretty much the same for every state. Huh?

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