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Co-signer help for private student loans

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Anonymous
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Co-signer help for private student loans

My daughters loans are in defferment But I need to get my name off these ASAP my credit score is hurting from this is 654 currently. My car and homeowners insurance is costing me a fortune :{ I am not sure if she can get these all consolidated with her low income or not. any advice is appreciated
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Co-signer help for private student loans

If she has good scores and she has the income to support these loans- MAYBE

 

The SL market has changed LOTS in the last 2 years-

 

What makes you think these are hurting your scores? Lates?

Message 2 of 6
Anonymous
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Re: Co-signer help for private student loans

Some private loans allow the co-signer to be removed after a certain number (usually 24-48 months or more) of on-time payments.

 

Unless your daughter has the wherewithal to take out loans, only in her name, to pay off these loans that you cosigned, I don't think you're getting out of it any time soon.

Message 3 of 6
Anonymous
Not applicable

Re: Co-signer help for private student loans

I have taken out 2 Parent Plus Loans for my son's education which I am paying for but I don't think it has hurt my credit score.  I have not noticed any difference.  I thought student loans were considered an installment loan not the same as credit cards.  I don't know too much about the score part but I know that mine have not hurt me.  The one loan I have been paying for about one year and the second one I am just starting to pay but I have not noticed any difference.  Maybe a Private Student Loan is different. 
Message 4 of 6
johnsj21
Regular Contributor

Re: Co-signer help for private student loans

Also, a score in the mid 600's like yours won't affect your insurance rating as bad as you would think.
9/26/08 TU: 528 EQ: 558 EX: 560
11/7/08 TU:584 EQ:601 EX 600
7/21/09 TU:636 EQ:626
12/27/11 TU: 675 EQ:680
Message 5 of 6
Anonymous
Not applicable

Re: Co-signer help for private student loans

Well, if they're in deferment, then lates shouldn't be an issue right now. I think you might be overestimating the effect these are having on your score. I have over $200K in deferred student loans, and my score is over a 700. 

If there is no co-signer release option, then there isn't much you can do.  
Message 6 of 6
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