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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33803
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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It looks like I am going to be a co-signer on my

Customer Question

It looks like I am going to be a co-signer on my granddaughter's school loan. If I do not sign, there is no one else that can co-sign for her. Unfortunately she has bad credit, she is 23 years old. I am 74. These loans may be 10 years long in repaying. My modular home (which is paid for) is in a trust.If she defaults on the loan, I will be very hard pressed to pay these monthly bills.Is my home used for collateral on the student loan?If I die while she is paying on the student loan, how does that impact estate settlement?If she defaults, how does that impact my estate settlement?
Submitted: 4 months ago.
Category: Estate Law
Expert:  Barrister replied 4 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Is my home used for collateral on the student loan?
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No, this is just a personal guarantee by you to be liable for the debt if she defaults.

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If I die while she is paying on the student loan, how does that impact estate settlement?
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As long as she isn't in default, then it wouldn't affect your estate. If she was in default, then they could come after your estate for payment.

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If she defaults, how does that impact my estate settlement?

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They can come after your estate for payment. So you need to decide whether the grandchild is a responsible, honorable, hard working person with a good work ethic because if so, she will do whatever it takes to make sure those loans are paid off.

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thanks

Barrister

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