CanI be released as a co-signer from a student loanthat Isigned for my ex-boyfriend?

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CanI be released as a co-signer from a student loanthat Isigned for my ex-boyfriend?

We have been separated for over 2 years and I co-signed the loan almost 6 years ago.

Asked on January 23, 2012 under Bankruptcy Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Unfortunately, you probably can't--or rather, won't--be released from the obligation. Your relationship status has no bearing on your contractual obligation as a co-signor; and the number of years since signing the loan doesn't matter either.

The only way to be released would be if all the parties--your ex-boyfriend and the lender--agree to release you; contracts, including for loan repayment, may not be changed without the agreement  of all parties to the document. There is no reason at all why the lender would release you--doing so hurts their interests, since it deprives them of a person from whom they could seek repayment, if your ex-boyfriend defaults. This is why one should never co-sign a loan, except for a spouse or child.


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