My dad wants to take out a mortgage and has tried, unsuccessfully, to have Sallie Mae release him as cosigner on my $153,000 student loan. What can we do?

by | Jan 12, 2024 | Stock Market

Dear Quentin, My dad cosigned for my private Sallie Mae student loan in September 2018.  I thought it was a federal loan because I believe they did both types of loans. I started paying back the $153,000 interest-only loan in September 2022, while my dad paid towards the principal and the balance increased. They removed the interest-only repayments after several calls were made regarding the balance not being reduced. 

My dad is trying to buy a new house, and Sallie Mae will not take him off the loan even though they said he only had to remain as the cosigner for the first 12 months after I had to start making payments. Sallie Mae never gave us any documentation stating this. This student loan is preventing him from acquiring a mortgage loan. What are our and his options? Former Student and Worried Son Also see: My sister owns properties in Hawaii, yet refuses to make a will. If she dies, will our half-sibling inherit anything?

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[mwai_chat context=”Let’s have a discussion about this article:nnDear Quentin, My dad cosigned for my private Sallie Mae student loan in September 2018.  I thought it was a federal loan because I believe they did both types of loans. I started paying back the $153,000 interest-only loan in September 2022, while my dad paid towards the principal and the balance increased. They removed the interest-only repayments after several calls were made regarding the balance not being reduced. 

My dad is trying to buy a new house, and Sallie Mae will not take him off the loan even though they said he only had to remain as the cosigner for the first 12 months after I had to start making payments. Sallie Mae never gave us any documentation stating this. This student loan is preventing him from acquiring a mortgage loan. What are our and his options? Former Student and Worried Son Also see: My sister owns properties in Hawaii, yet refuses to make a will. If she dies, will our half-sibling inherit anything?

“You want to avoid a …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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