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Unfortunately, the answer is YOU BET. Student loans are not forgiven in a Bankruptcy proceeding thanks to changes made by the US Congress - additionally, if the lender cannot "squeeze" the juice from the borrower, they will go after the co-signer - and vice-versa
If nothing pans out - the lender will still get their monies as Congress also has made it permissible to file garnishment against social security. School loans will, unfortunately, not go away unless the person has died or the school where the money is owed becomes defunct. There are exceptions for "hardship" cases but mostly this would involved serious medical issues wherein the borrower was unable to work - even then the co-signer is on the hook.
If my answer has been helpful, please ACCEPT my answer so I get credit for my effort to help you . If I can be of further help, let me know. Appropriate FEEDBACK is appreciated as is a bonus. Thanks ~ Michelle