How to Get Your Name Off a Co-Signed Student Loan
College is expensive and it's understandable that some young adults have to take out loans to pay for courses. But if these individuals can't get a loan because of a low credit score or no credit history, you can help by co-signing the student loans. Parents and siblings may offer to co-sign, but then regret the decision. Fortunately, there is a provision to get your name off a co-signed student loan, but this will involve the primary borrower improving his credit and qualifying for a refinancing.
Other People Are Reading
Instructions
-
-
1
Call the bank for additional information. Know what's required to take your name off the loan. If the borrower must refinance, inquire about income and credit requirements to become eligible for a new student loan.
-
2
Ask the borrower to provide the bank with his personal information to see if he qualifies for his own loan. This individual will repeat the loan process and complete a new loan application. Lenders provide a response after checking his credit and verifying income and employment.
-
-
3
Provide a solution to assist the primary borrower. The bank will only approve his application and release your name from the student loan if he qualifies for the loan without a co-signer. Talk with the primary borrower and recommend that he ask another relative or friend to be a co-signer on the loan.
-
1
