consolidate student loans
Question
How can I become the responsible party on a loan that I co-signed with my son?
Co-signed loan with my son that has his SS# listed first. He will default on the loan because he is unemployed and unable to make payments. I would like to consolidate this loan with other student loans that I have but the company won't allow it because I am not the 1st responsible party. Any ideas on how to handle this?
2 years ago - 2 answers
Best Answer
Chosen by Asker
There could be a couple of ways. First, don't let up on the original company. Because you co-signed you will get the notification that the loan is in default and that could hurt your credit. The other way is to see if you could get a loan at your local bank and pay off all the loans including his, that way you only have one payment. If after explaining to the original company the situation and they still won't budge, keep asking for a manager or higher up, someone who actually has the authority to make decisions. A lot of times the first person you talk with can only say no.
by Bruce S
2 years ago
Asker's Rating: 
Other Answers
that doesnt sound right, the company has no say on who pays them off and for what reason, i would look into that a little
by Scott K- 2 years ago
If you are truly the co-signer and not the co-maker, you are only responsible when the loan goes to default. I would look into obtaining financing other places before this happens.
by spifiman1- 2 years ago