Ask Experts Questions for FREE Help !
Ask
    benastros's Avatar
    benastros Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 1, 2010, 11:01 AM
    Removing my name as a co-signer on a student loan
    I co-signed on a student loan for a good friend to stay in school and wanted to know what the AZ laws are in removing my name from the loan? Apparently, she was supposed to have this done awhile back but hasn't yet. Any advice?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Oct 2, 2010, 05:01 AM

    Hello b:

    If they wanted you on the loan in the FIRST place, they're NOT going to take you off without calling in the loan. What?? Her credit rating improved to a point where she can carry the loan herself?? Nahhh. That didn't happen.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Oct 2, 2010, 05:40 AM

    The purpose of a co-signer is to guarantee the loan if the borrower doesn't pay. This limits the risk to the lender. Therefor,e the lender has no incentive to remove the co-signer. The ONLY way a co-signer's responsibility ends is when the loan is paid off.

    A loan can be paid off as part of a re-finance.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
    		  
    #4

    Oct 2, 2010, 11:31 AM

    Sorry. There is no way to remove your name once you are a cosigner on any loan unless the loan is refinanced in the other person's name. You are basically stuck.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #5

    Oct 2, 2010, 11:40 AM

    There is no way to "take the name off" unless they either get a new loan to pay this one off, or just pay it off.

    You are stuck on it, till it is paid off. And if they don't pay on it, you will have to.

    Advice, yes be ready to start making the payments when they are late or it will harm your credit also
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How can a loan co-signer remove themselves from the loan? [ 3 Answers ]

My daughter's father co-signed for a mortgage loan for her family five years ago. I just learned that her name is not on the mortgage at all; she is leaving her husband who claims that the house is "his", not hers and he refuses to leave. My question is this: how can her father, the co-signer,...

Student car loan with no co signer [ 5 Answers ]

So I'm a junior in college the car I have been driving for years finally made its last ride I really need to get a new car so that I can work and go to school. I have no family that can help me with a cosign and I only make about 1000$ a month cause I'm working my way through school I have the...

Removing Co signer from mortgage [ 1 Answers ]

I need the co signer remove from the financial part of the mortgage and be solely responsible. How can I do that without refinancing

Removing a co signer from a mortgage [ 5 Answers ]

My husband co sign on his parents house a few years back. Now we are planning to obtain a mortgage together and he was denied because of this reason. How do we go about removing his from the house and how much will it cost?

Removing name as Co-signer on a mortgage [ 4 Answers ]

I signed on to a mortgage as a co-signer and I will like to know how I can immediately go about having my name removed from the mortgage? Such as what steps do I need to take and who should I contact? Also would the other party be able to prevent me from removing my name? And what obstacles should...

View more questions Search