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Student Loan LiabilityTransfer

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casndra



Joined: 05 Sep 2006
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Posts: 1



105 Magic Points
Subject: Student Loan LiabilityTransfer
 
 Posted on Tue Sep 05, 2006 10:21 am  
Is it possible for a co-signer for a student loan to transfer his/her
liability to someone else while the loan is still designated as deferred?

Thanks
anthony

anthony

Joined: 31 Jul 2006
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Posts: 516



13574 Magic Points
 
 Posted on Wed Sep 06, 2006 5:53 am  
hi
I think ,it is not possible to transfer your liability to someone else.Better you check terms of student loan and consult with your bank.

Bye
Anthony
lady therese



Joined: 15 Mar 2007
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Posts: 1



77 Magic Points
 
 Posted on Thu Mar 15, 2007 4:50 am  
I also think the same. You can't easily transfer that liability to somebody. You were the one who took part in the agreement, not somebody else. So, the contract involves you and the lender. Better check the terms and conditions of the contract and consult lending experts. Anyways, if you plan for additional loans in the future, research more and know everything about it particularly legal matters which we often disregard. I also suggest you consolidate you loans so that you express all your concerns to a single managing institution only. Know more about it at thestudentloanconsolodation.com. I hope I have helped you a little.
erb1953



Joined: 31 Dec 2007
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Posts: 573



-51 Magic Points
 
 Posted on Mon Aug 25, 2008 11:50 am  
I don't think you can.
fireyone



Joined: 26 Feb 2008
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Posts: 4285



140 Magic Points
 
 Posted on Mon Aug 25, 2008 11:57 am  
This one I am almost 100% sure on. The loan would have top be paid in full before the co-signer is released of any responsibility. the person only got that loan due to the others credit worthiness and banks are not going to risk any changes when they have a reputable co-signer already.
goodnatured



Joined: 03 Nov 2007
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Posts: 3927



57 Magic Points
 
 Posted on Tue Aug 26, 2008 1:15 am  
That is what I am thinking, there is no way to transfer a loan to someone else. especially in a co signing situation.
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fireyone



Joined: 26 Feb 2008
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140 Magic Points
 
 Posted on Tue Aug 26, 2008 1:30 am  
Would you if you were the lender?
goodnatured



Joined: 03 Nov 2007
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57 Magic Points
 
 Posted on Tue Aug 26, 2008 3:09 am  
No, that person is responsible, they co signed, so unless they come up with someone that was in much better financial shape then the borrower and the co signer. I don't think they will do it though.
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fireyone



Joined: 26 Feb 2008
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Posts: 4285



140 Magic Points
 
 Posted on Tue Aug 26, 2008 8:05 pm  
I don't even think a better canidate would be considered. Why would the bank want to go through all that trouble. The best thing to do if they could would be to transfer it to a personal loan, paying it off.
Justin

Justin

Joined: 17 Jul 2006
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28942 Magic Points
 
 Posted on Thu Aug 28, 2008 6:18 am  
As far as I know a cosigner cannot transfer his obligation to anybody else once the original borrower has received the loan. Deferred student's loan does not give a negative impression on the credit report of the co-signer, although he is liable for the debt. Deferred implies that the repayment of the loan has been postponed till the time the student completes his study of the course for which the loan has been taken.
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Mary

Mary

Joined: 06 Jul 2006
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Posts: 686



17404 Magic Points
 
 Posted on Thu Aug 28, 2008 6:59 am  
Yes, Justin is right because once you become a cosigner, your liability to the debt ceases only when the original creditor repays the debt in full. Cosinging a loan agreement implies that you are also the debtor and so you are also liable for the debt. Now if the actual borrower does not repay the debt after the deferred time, you may be required to pay the amount.
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fireyone



Joined: 26 Feb 2008
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140 Magic Points
 
 Posted on Thu Aug 28, 2008 12:12 pm  
I have seen this happen alot around this area. They take out loans and then drop out of school leaving someone else to pick up the tab for their quickie dream. I believe in student loan deferral payments but only for the serious student.
goodnatured



Joined: 03 Nov 2007
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Posts: 3927



57 Magic Points
 
 Posted on Mon Sep 01, 2008 2:21 pm  
You just need to be careful who you co sign for, especially if it is something that is big, like a student loan.
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fireyone



Joined: 26 Feb 2008
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Posts: 4285



140 Magic Points
 
 Posted on Tue Sep 02, 2008 1:08 am  
Yes, especially when you consider the price for an education these days. I can't see how many young people can even afford it. Can you go bankrupt on student loans? I had this question asked to me by a frien this weekend. I was unsure. I think even the bankrupsy laws have changed.
goodnatured



Joined: 03 Nov 2007
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Posts: 3927



57 Magic Points
 
 Posted on Fri Sep 05, 2008 2:18 am  
Yes they have changed greatly, I would not even attempt to answer a question on them. I would send them to the debt forum there is a lot of good discussion going on there about the subject.
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