Will they remove this?

[Anonymous]

So I am a co signer on a student loan for a friend of mine.

Well, once he was 90 days late, needless to say this really affected my Credit Score.

I have heard before that if you contact a Credit beauru that they will ' maybe' remove the 90 days past due as a Goodwill type of thing, like a one time get out of jail type thing.

Has anyone ever heard about this?

How would one go about doing this?

[braznyc]

I've never heard of the CRA removing negatives that are valid. I have heard of people
on here and other places contacting the OC to see if they'd remove it, but with student loans that's a big "if", personal or federal. If I were you I'd contact whomever owns the loan now, and go from there. I'd also be on top of my "friend" because what they do will continue to effect your credit, for the life of the payments on the loan. Good luck!

[haulingthescoreup]

It's a really weak "maybe", since you weren't the actual student, but co-signing means you're on the hook... Was this a federal student loan, or a private student loan? That might affect things.

Look in "Frequently Requested Threads" stickied up at the top. Did your friend catch up on the missed payments? If so, all you've got is a GW letter. There are two threads in FRT about GW's. If the friend didn't catch up, you might think about paying with him as a PFD, Pay For Delete. But I would first get my name off that loan if there were any way possible. GL

[braznyc]

Just an FYI Federal student loans do not have a place for a co-signer as it's NOT based on credit, but need. Either you're an independent student (24 and above) or you're not 24 and under, and its all based on income (either yours or your parents). There is a Federal Plus loan but that's done by a parent, not the student.

So, I'm assuming this loan is a personal student loan, not federally backed, because they like co-signers. Some banks state very clearly if they will let you be dropped as a co-signer, so you might want to check if this is possible.

Message Edited by braznyc on 02-02-2008 03:24 PM

[braznyc]

Oh and here is a link to salliemae which explains what co-signing means/obligations etc.

Salliemae Cosigner info