@Anonymous wrote:
I think he's extremely unfortunate then. Private student loans are the worst, unless you were lucky enough to only take out a loan of a few thousand dollars or you'd be going into area where you'd by making a substantial, steady paycheck. Most students will not. There are several great protections but only for federal loans. The best that you can do is to contact the servicer and see what programs there are but if he's paying what he can pay (very likely) then the bank will be happy to bleed him and take your along for the ride.
The good news is that I just saw a post about releases. 12-48 months of payments and they will let you apply to get off the loan. You'll want to contact them for the details. Hopefully this will help you get out of the situation.
Personally, the paying in time thing I didn't take seriously until I learned about credit scores and the importance of healthy financial decisions. I'd definitely look into a reconsolidation with a lower fixed APR. Or a reconsolidation with a bank that has programs than can help him with the debt.
Thanks for your replies Sabii. I believe I saw the same post you did a few months back about releasing a co-signer from an SL. I did ask AES about this program and they sent me an application. According to AES, there has to be 12 months or more without any late payments of no more than 15 days in any consecutive month. I sent the application to the signer with the hopes he would in turn send it to AES for processing. According to AES, the signer and not the co-signer is the only one that can apply to have the co-signer released on the loan. I believe he's almost 15 days late this month, so this unfortunately doesn't seem to be an option. If I'm forced to stay on this loan, I was hoping he would at least try to refi for a lower rate. As it is this loan is scheduled to end in 2029. 10 more years of worrying every month. 