student loans

There are certain responsibilities of cosigner for student loan.As a student loan cosigner, you should have all related papers with you and observe the repaying of loan ontime.This is responsibility co signer to ensure the timely payment from borrower.

If borrower of loan is unable to pay paying loan payments then as the cosigner of loan agreemnet, cosigner is eaually responsible. If the loan goes into default, the cosigner will be equally liable.

As lender can be able to file a lien on the cosigner's property to recover on the loan.

So, say if the borrower stops making payments, the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled, though oftentimes a student loan can be forgiven if the right type of loan has been taken out.

In some cases, Some banks will relieve the cosigner of his or her obligation after the first two years of loan repayments. It depends upon the loan specific as per perticular bank. After the student has made his or her first 24 consecutive monthly payments on time and meets certain credit requirements, he or she often has the opportunity to request to remove the cosigner from the loan.

It is depend on the terms and conditions on the perticular loan programme for perticular bank.