Student Loan Cosigner

by Sonia
(Virginia)

I signed with my son for his student loan. Can I pass the debt to him?

Comments for Student Loan Cosigner

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Jun 23, 2011
 Student loans
by: debtcollectionanswers.com

I am not 100% clear about what you are asking. However, you should know that because you signed the note on the loan together with your son, you are as legally obligated to repay it as he is. Therefore, if your son does not pay back the loan, the lender can look to you for the payments and worst case scenario, you can be sued for the money. Also, if the loan is federally-guaranteed, and you default on the loan, your federal tax refunds can be taken as payment and you cannot get rid of the loan through bankruptcy.

If I did not answer your question, please get back in touch.

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