Co-signed a student loan years ago... now I'm stuck?

So, I co-signed a student loan for a friend six years ago, and now the bank is after me because he stopped paying. I haven’t been able to reach him—he moved out of state and his phone goes straight to voicemail. I asked if I could be removed from the loan, but apparently, that’s not possible. Is there anything I can do legally to get out of this?

Oof, that’s rough. Unfortunately, co-signing makes you fully responsible for the loan if the main borrower stops paying. Have you checked if there’s a co-signer release option?

William said:
Oof, that’s rough. Unfortunately, co-signing makes you fully responsible for the loan if the main borrower stops paying. Have you checked if there’s a co-signer release option?

Yeah, I asked, and they said that’s not an option. Feels like I’m stuck.

William said:
Oof, that’s rough. Unfortunately, co-signing makes you fully responsible for the loan if the main borrower stops paying. Have you checked if there’s a co-signer release option?

Most loans don’t even have a release clause, so lenders can keep chasing the co-signer. It sucks but is pretty common.

Your best bet might be negotiating with the loan servicer. Sometimes they’ll work out a lower monthly payment instead of demanding the full past-due amount.

Harlow said:
Your best bet might be negotiating with the loan servicer. Sometimes they’ll work out a lower monthly payment instead of demanding the full past-due amount.

That’s a good idea, I’ll reach out and see if they’ll work with me on payments.

Harlow said:
Your best bet might be negotiating with the loan servicer. Sometimes they’ll work out a lower monthly payment instead of demanding the full past-due amount.

Yeah, even if you can’t get off the loan, you might be able to make it more manageable.

Did your friend just ghost you completely? Maybe try looking him up on social media or reaching out to mutual friends?

Kelby said:
Did your friend just ghost you completely? Maybe try looking him up on social media or reaching out to mutual friends?

Tried that, but he’s basically disappeared. No one I know has heard from him in a while.

Kelby said:
Did your friend just ghost you completely? Maybe try looking him up on social media or reaching out to mutual friends?

That’s shady… I’d be really mad if I were you.

Just to be clear, co-signing basically means you took on the debt too. If he doesn’t pay, you’re fully responsible. Lenders don’t care who originally took out the loan.

Colby said:
Just to be clear, co-signing basically means you took on the debt too. If he doesn’t pay, you’re fully responsible. Lenders don’t care who originally took out the loan.

Yeah, I get that now. Definitely won’t be co-signing anything ever again.

Colby said:
Just to be clear, co-signing basically means you took on the debt too. If he doesn’t pay, you’re fully responsible. Lenders don’t care who originally took out the loan.

Lesson learned the hard way… but yeah, legally you’re on the hook.

Might be worth consulting a lawyer to see if there’s any way to challenge this. It’s a long shot, but sometimes there are legal loopholes.

Finley said:
Might be worth consulting a lawyer to see if there’s any way to challenge this. It’s a long shot, but sometimes there are legal loopholes.

Yeah, I think I’ll have to talk to someone about it. Appreciate the advice.

Finley said:
Might be worth consulting a lawyer to see if there’s any way to challenge this. It’s a long shot, but sometimes there are legal loopholes.

Also, check your credit report. Sometimes lenders mess up and report things incorrectly—if there’s an error, you might have some leverage.