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Co-Signed a Student Loan. Need Advice!


drshields
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First, I will say that I did do a search of previous topics, but couldn't find anything closely related to my situation; here it is:

About three years ago, my ex-gf and I co-signed student loans for eachother (State of MN: SELF Loans, not federal) for about $4000.00 each. 10 year loan.

It seems that every 60 days or so, I get a call letting me know that she is at-least 60 days past due. I attempt to call her, send her an e-mail, asking what's up, etc... She's but she's mostly unresponsive due to her new controlling super-jealous BF who won't "let" her have any contact with me.

I am currently following the tips on this board to bring my credit score back up. I admit that I've made mistakes (as I'm sure everyone on this board has!), and I'm in my third round of disputes. What a headache. But it seems with her continual past-due payments, it will be defeating the purpose.

Any suggestions? Will assaulting the credit bureaus with dispute letters have a chance of getting this removed?

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Yeah, I've seen several posts on this board that co-signing is the worst mistake you can make. Lesson learned.

But is there really nothing I can do about perhaps getting it removed from my credit record permantenly? I know that I cosigned... and I'm supposed to pay the price right? Just looking for an alternative. It's driving my crazy.

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:)

Getting it removed from your credit report should be the last thing you're worried about.

As a co-signer, you're 50% legally liable for that debt. If she defaults... guess what? It's not going to matter how anything's be reported at that point of the game.

You can always go the dispute process way, but you gotta get your name away from that loan - not the loan away from being printed in your reports.

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Why don't you stop paying the loan that she co-signed for you? Then they can call her about you and really annoy the new bf.

Kidding of course.

I was under that impression that co-signing a loan would make one 100% liable if it was not paid, not just 50%. I could be mistaken, maybe an expert knows where to check that out.

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I guess I always viewed being a co-signor the same as being THE signor. for what ever reason the lender didn't think the orignal applicant acceptable but YOU ARE. More than likely they were right (exceptions of course such as first time you ever got a loan). I'd hate being a co-signor, no control over the situation until it is too late.

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I had a cosigner with a student loan once I made 12 months payment on time the bank agreed to release/remove the cosigner from the loan. You might want to make those 12 payments to make sure it is paid on time and then have yourself removed - ask if they will do this before you pay of course.

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