REMOVING A COSIGNER FROM A LOAN

[Anonymous]

Question:

When I was in college, many, many years ago -  my parents cosigned for my loans.

Now I'm in a better position, where I can remove them from my loan.  But I had a question.

2 years ago, I was dinged with late payments on my student loan installments [something I'm still fighting with Navient].  If I release my mom from my student loan, will that negative information still be shown on her credit report, despite her no longer being a cosigner if and when shes removed?

Thank you guys for any knowledge you care to spread!

[Anonymous]

I’m definitely not an expert on student loans but I think you’ll have to take out a new loan. I don’t think you can release her. With that said, the negatives will stay on her report as well. Someone correct me if I’m wrong.

[ccquest]

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@Anonymous wrote:
I’m definitely not an expert on student loans but I think you’ll have to take out a new loan. I don’t think you can release her. With that said, the negatives will stay on her report as well. Someone correct me if I’m wrong.

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It depends on the loaner I believe, there are many with cosigner release options after a certain number of years with no issue.

If the current company doesn't allow it, refinancing is probably the best route.

No clue on the answer to the original question though unfortunately. I'm curious if my original private loans still reflect on my mom's reports or not.

[Anonymous]

Yes they were liable, not authorized users, it’s there unless it’s fell off or the lender has removed it for whatever reason. Same situation here, the lates will remain, unfortunately because she was a cosigner and liable not an authorized user.

[Anonymous]

Sometimes removing an authorized user doesn’t even remove a tradeline, but it can still be disputed off.