Consumer
Release of Liability
Pennsylvania
Do I have a leg to stand on as a co-signer for my grandson's student loans?
I co-signed for my grandson's student loans. He defaulted on the Sallie Mae loans so my credit rating dropped form 825 down to 625! I picked up the payments in order to stop the fall of my credit. He promised to pay but I have not seen a penny. Also I have a parent loan I didn't know about that my daughter signed me up for so I'm paying that. My question is, do I have a leg to stand on with this fiasco. I will mention that I am going on 84 years old on a fixed income so this is a burden especially since the rest of his federal loans will need to be paid starting ion October because the pandemic forgiveness will be stopped.
Answers from 1 Lawyer
Answer
Consumer
Pennsylvania
Angela H.
ContractsCounsel verified
Depending on the circumstances, if certain payment requisites have been made, one can petition to have a cosigner released from the account.
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