What does a student loan company like Stafford do to co-signers? Do they get notified of the loan if someone?
Nov 02, 2008 in
Financial Aid
rbcny9
What does a student loan company like Stafford do to co-signers? Do they get notified of the loan if someone takes one out and uses them as a co-signer but pays it back right away? If so, how? I joined the army so I get loan repayment.
What does a student loan company like Stafford do to co-signers? Do they get notified of the loan if someone takes one out and uses them as a co-signer but pays it back right away? If so, how? I joined the army so I get loan repayment.
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2 comments
timmy44221 on November 4, 2008 at 5:15 pm
A cosigner must phisicaly sign a loan. The reason they want a cosigner is incase you cannot pay.
In that event they sue the cosigner for the remaining balance.
Basicaly, they will get their money one way or another.
sara sentor on November 5, 2008 at 8:10 am
Cosigners serves as your guaranteer to the creditors. And companies like Sallie Mae, Stafford prefer to get loan application signed by them as a security for the loan they are giving you. Yes they do get notified for any untoward action.
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