Legal Question in Credit and Debt Law in Massachusetts

Co-signer

I have co-signed an education loan for computer A+/Net+ training for my son 2 years ago with the agreement that if he did not complete the program, he would pay off the loan. He did not complete it, and now we are stuck paying off this loan each month...balance 6000 dollars now. They said that we would be let off the hook after 2 years but now I find that he must be credit worthy for our names to be taken off loan, which he is not, due to problems with a cellular phone co. I am approaching retirement and do not want to pay this thing any longer and he refuses to pay and since moved out of home. Is there anything we can do to remove our names from loan as co signers?


Asked on 3/12/06, 5:20 am

1 Answer from Attorneys
John Postl Burkinshaw Law Offices, P.C.

Re: Co-signer

Unfortunately, there is little you can do. By co-signing the loan, you made a contract with the lender to be responsible for the debt. You can, however, assert any defenses against the school that you son may have had (if the school breached the contract by not providing the courses promised, etc). Your only remedy in this case is to sue your son to recover the money you are paying. My suggestion is to try to negotiate a payoff with the school for a lesser amount.

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Answered on 3/13/06, 11:56 am


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