In some cases students have had to get a co-signer in order to obtain their student loan. When the problems arise where the student cannot pay these lenders come after the co-signer. This is really difficult on the student as they had someone do them a favor that has now got them into a financial debt that isn’t theirs.
Loan Considerations
The first thing you may want to do is consult with a student debt relief lawyer. Often they are able to direct you as to what your options are. This might allow you to give some protection to your co-signer.
It may be possible to get a deferment or opt into a forbearance program. What will happen then is the lender will allow the student not to make payments for a period of time. There will be conditions that have to be satisfied in order for this to happen. The student that is attempting to get this deferment or get into a forbearance program will have to fill out the proper form which will have them document the reasons for this. If this is acceptable and the conditions are met then the co-signer may not have to cover the payments during this grace period.
There may be other options available as well to help with the repayment of the student loan or to negotiate payment plans. A student loan lawyer can help you understand your options and find a solution to your debts that works for both you and your co-signer.