PARENT CO-SIGNING A STUDENT LOAN?

I co-signed one tyro loan for my daughter in the volume of $8000. She additionally has copiousness of supervision loans on her own. She has given consolated all her loans. My subject is;

Since she has combined ALL her loans in to one, I’m I still obliged for which $8000 loan I co-signed for given I didn’t pointer on any of the others (she has well over $1000k in loans as she’s finishing up her doctorine).

And if I am still responsible, it can usually be for $8000 sum right? And at what point am I not obliged (is my $8k paid off first, or last)?

{ 1 comment }

just not that February 14, 2014 at 6:09 am

Loans that require cosigners (the one you cosigned for) is not a government (federal) loan it is a private loan. You need to know that federal loans can not be consolidated (combined) with private loans. I repeat, federal loans can NOT be consolidated with private student loans. So your daughter STILLL has TWO loans. Not combining the two kinds of loans is the LAW. So you are incorrect in saying she consolidated “ALL” her loans into one. She has not.. The true statement is she consolidated ALL her “Federal” loans into one.

You are still responsible for the one loan you cosigned on and you will CONTINUE to be responsible for this one (just as much as her) loan until the private loan is paid off.

You are not responsible for her federal (consolidated) loans. ever… any of it..

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