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When does Sallie Mae Drop the Co-signer on a Loan?

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When I first signed as a cosigner on a loan for another person the contrract stated that the cosigner could be released from the loan after two consecutive years of payment of the loan without missing any payments?

In looking at the latest loan information I couldn't see any reference to this standard. When does Sallie Mae normally release the cosigner from a Sallie Mae student loan?

Thanks.




SC

Posts: 3618
Credits: 36402.4

Sub: #1 I checked the Sallie Mae website and found the following informa
Wed, 07/15/2009 - 22:49

I checked the Sallie Mae website and found the following information.




SOAPLADY


Debt Samaritan
Posts: 17188
Credits: 474436.63869987

Sub: #2 Droppng a cosignor is not a standard. It really depends on the
Fri, 07/17/2009 - 05:22

Droppng a cosignor is not a standard. It really depends on the the original prom note and if it was included.




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Sub: #3 i WAS TOLD BY A SPECIALIST AT SALLIE MAE THAT AS A cosigner YOU
Wed, 12/02/2009 - 12:59

i WAS TOLD BY A SPECIALIST AT SALLIE MAE THAT AS A cosigner YOU could be released from the loan after two consecutive years of payment of the loan without missing any payments?

IS THAT SO.




SOAPLADY


Debt Samaritan
Posts: 17188
Credits: 474436.63869987

Sub: #4 Again, it depends on the contract and if the loan has hit defaul
Wed, 12/02/2009 - 13:27

Again, it depends on the contract and if the loan has hit default or default prevention, it will be a no go.




Unregistered

Sub: #5 Sallie Mae Cosign removal after 24mos
Sat, 01/09/2010 - 08:27

I was told the same thing - that the co-signer would WOULD BE released after 24 months of on payments on the loan. I asked for documentation and never received any, was just told it was the policy. Not much to go on but to hope it is, as the 24 month just went by.




Unregistered

Sub: #6 I just got my application for release from a SallieMae loan deni
Wed, 03/24/2010 - 06:09

I just got my application for release from a SallieMae loan denied because regardless of 24 on-time, in-full payments and the good standing of the account the borrowers credit still leaves him as a risk. I just spoke to their Customer Service department and was told it's not "just 24" it's the FIRST 24 so if the first payment was in any way delinquent, your eligibility for release is null. One kind soul took pity on me and gave me an address to write to. If it helps anyone here it is:

Sallie Mae
PO Box 9500
Wilkes-Barre, PA 18773-9500
Fax: 570-200-6259




Unregistered

Sub: #7 what happen when a loan is noy being payed, by the co.signer
Sat, 11/13/2010 - 14:37

what happen when a loan is noy being payed, by the co.signer




SOAPLADY


Debt Samaritan
Posts: 17188
Credits: 474436.63869987

Sub: #8 How about some more information.....is the borrower paying? Is
Sat, 11/13/2010 - 15:13

How about some more information.....is the borrower paying? Is the loan in default? Deliquent?




Unregistered

Sub: #9 In the same boat. Was told CONSECUTIVE by the rep on the phone.
Mon, 01/03/2011 - 10:52

In the same boat. Was told CONSECUTIVE by the rep on the phone. Asked for a manager and read what is on the website "The primary borrower must not have an education loan 90 days or more delinquent in the past 24 months." The manager retracted and said you just need 24 payments. Push them a little, a lot of the people that work for them don't know what they're talking about.




SOAPLADY


Debt Samaritan
Posts: 17188
Credits: 474436.63869987

Sub: #10 My understanding is that cosingor release must be built into the
Mon, 01/03/2011 - 15:12

My understanding is that cosingor release must be built into the prom note and it is the FIRST 24 payments coming out of grace period after graduating or seperating from the school.




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