Question : What does a student loan company like Stafford do to co-signers? Do they get notified of the loan if someone?
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.
- asked by rbcny9
All Answers:
Answer #1
A cosigner must phisicaly sign a loan. The reasonthey want a cosigner is incase you cannot pay. Inthat event they sue the cosigner for the remainingbalance. Basicaly, they will get their money oneway or another.
- answered by timmy44221
Answer #2
Cosigners serves as your guaranteer to thecreditors. And companies like Sallie Mae, Staffordprefer to get loan application signed by them as asecurity for the loan they are giving you. Yesthey do get notified for any untoward action.Learn more on student loan & student loanconsolidation, log into:
http://www.studentloaninfo.org/
- answered by sara sentor
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