Legal Question in Banking Law in Illinois
school loans
I cosigned for a school loan for my son and now I am afraid he is not going to pay, How can I get my name off of that loan?
Asked on 2/05/07, 8:49 am
1 Answer from Attorneys
David K. Staub
Staub Anderson LLC
Re: school loans
As a co-signer of the loan, you agreed to pay the debt and it is as much your debt as it is your son's. The only way I know of getting off is to convince your son to replace the loan with a new loan which you do not co-sign or guarantee. Depending upon his credit-worthiness, that may not be possible.
David K. Staub, an Illinois business and tax attorney
Answered on 2/06/07, 11:07 pm
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