How to Remove Myself as a Cosigner on a Federal Student Loan
A cosigner of a private student loan may be released from the responsibility under certain conditions. A cosigner release is possible only for private student loans, and the policies for release vary by lender. In most cases, once the student borrower displays a history of timely student loan payments, a cosigner release request may be processed. Private lenders must see 12 to 36 months of consecutive, on-time payments to consider releasing a cosigner. In addition, the student borrower must request the release and agree to fully take on the student loan debt.
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Instructions
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Contact the bank or financial company that services your loan by phone. The customer service phone number is located on the loan servicer's website under the "Contact Us" tab or on your billing statement.
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Request a cosigner release form. If the loan servicer processes the request for release over the phone, you must have the student borrower with you. If the loan servicer does not process release requests by phone, request delivery of the release form by mail or fax.
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Ask the student borrower to complete the form. Because the borrower is 100 percent responsible for the loan upon acceptance of the cosigner release application, the student must sign or authorize the release and agree to a credit check. The loan servicer reviews the payment history of the loan and the credit history of the student borrower. If the student meets the credit criteria of the lender, the total loan balance is transferred to the student.
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