Jan
04

What does a student loan company like Stafford do to co-signers? Do they get notified of the loan if someone?

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student loan

What does a student loan company like Stafford do to co-signers? Do they get notified of the loan if someone takes one out and uses them as a co-signer but pays it back right away? If so, how? I joined the army so I get loan repayment.

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Categories : student loan

2 Comments

1

A cosigner must phisicaly sign a loan. The reason they want a cosigner is incase you cannot pay.

In that event they sue the cosigner for the remaining balance.

Basicaly, they will get their money one way or another.

2

Cosigners serves as your guaranteer to the creditors. And companies like Sallie Mae, Stafford prefer to get loan application signed by them as a security for the loan they are giving you. Yes they do get notified for any untoward action.
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