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Posted in Student Loans
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Dave11190822

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Cosigning a student loan for your child
I am listed by Exp and Trans as holding a student loan jointly. My understanding was that this was her loan and I would only be involved if she defaulted. Is this typical to be shown as a joint account ? I would really like it off my credit report. Any feedback would be greatly appreciated. Thank you.

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What its called

I don't know all the specifics of what the types of accounts may be called, but since you are liable for the account upon a default, you are deemed jointly responsible for it.  If it is a fairly new SL, your options may be limited.  If the student now has a job and has been paying for some time, you may be able to ask the lender to have your name removed - it never hurts to ask.  If you REALLY need to get your name off the account, the best bet may be to have the student refinance the loan themself.

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