Before You Help: It's Hard to Get Your Name Taken Off a Student Loan As a Co-Signer

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Before You Help: It's Hard to Get Your Name Taken Off a Student Loan As a Co-Signer

Aug, 27th 2016

So someone has asked you to co-sign for a student loan.

Chances are, it’s your child or grandchild, or perhaps a niece or nephew. You have unrelenting faith in this teenage freshman, or near certainty that graduate school will lead to a lifetime of gainful employment. And maybe you feel badly that the family has not been able to save enough to pay the bills outright.

Fine. But be very, very careful.

When you co-sign for a loan, you, too, are responsible for it. If the primary borrower can’t pay, you have to. If that borrower pays late, your credit could get nicked as well. And the mere existence of the loan on your...

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