Legal Question in Civil Litigation in New York
Co-Signed Student Loan
My mother co-signed a student loan for me when I was 16 or 17 years old.
4 years later, the loan has now gone into default and my mother is making the payments to avoid damage to her credit.
I received a letter from my mothers attorney saying they will seek damages in the amount of money she is forced to pay the student loan company.
My question is: Since, at the signing of the contract I had not attained the age of majority, can she succeed in seeking repayment.
This contract was signed in NY and my mother still lives there, however I now live in Washington, DC.
2 Answers from Attorneys
Re: Co-Signed Student Loan
The below NYS law suggests that you cannot avoid liability for your student loan.
I suggest you retain an attorney to assist you in negotiating your obligation.
Good luck to you.
NY CLS Educ � 281 (2007)
� 281. Loans and extensions of credit to infants
A contract hereafter made by an infant after he has attained the age of sixteen years in relation to obtaining a loan or extension of credit from an institution of the university of the state of New York in connection with such infant's attendance upon a course of instruction offered by such institution, or from a bank, trust company [fig 1] or national bank [fig 2] having a principal, branch or trust office [fig 3] in this state for the purpose of defraying all or a portion of the expenses of such infant's attendance upon a course of instruction in an institution of the university of the state of New York or any other institution for higher education without this state which is a member of or accredited by an accrediting agency recognized by the department, may not be disaffirmed by him on the ground of infancy.
Re: Co-Signed Student Loan
Very unlikely, since minors are permitted under the law of virtually every U.S. jurisdiction to disaffirm their contracts, but, on further reflection, why would you wish to do so with respect to your mother, merely because you can?
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