Legal Question in Credit and Debt Law in Illinois
co-signer on student loan
My father-in-law co-signed for a $20,000 student loan for his daughter's husband's trade school. His daughter & her husband have stopped making payments. Is he reponsible for the loan and is there anything he can do legally to get them to take responsibility?
Asked on 9/10/05, 10:41 am
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: co-signer on student loan
Yes, he is responsible for the loan--that is the purpose of co-signing. He could either give them a stern lecture about financial responsibility or sue them.
Answered on 9/12/05, 10:46 am