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Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 99993
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I am a cosigner daughter's student loan the loan has gone

Customer Question

I am a cosigner for my daughter's student loan the loan has gone into default and the lawyers are trying to force me to pay the loan off even after my daughter has tried to negotiate payment with them, is this legal?
Submitted: 10 months ago.
Category: Legal
Expert:  Ely replied 10 months ago.

Hello and welcome to JustAnswer. Please note: This is general information only for educational purposes only, and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation. On this website, I do not always get to give good news, and this is one of these times. I understand that hearing things less than optimal is not easy, and I empathize. Thanks in advance for not "shooting the messenger."

1) As a cosigner, you are just as liable as she is. The lender can pursue you, her, or both of you.

2) There is no "right to negotiate" a defaulted loan. The lender may pursue either/both party(ies) for the full amount.

3) Now, the lender can negotiate, but they do not have to, and can seek relief via the court of law for the defaulted contract. Whether they do so or not is at their discretion. Ergo yes, this is legal.

Please note: If I tell you simply what you wish to hear, this would be unfair to you. I want to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty.

I hope this helps and clarifies. Gentle Reminder: Use the SEND or REPLY button to keep chatting, or please rate when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of the top three faces/stars and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith.

Expert:  Ely replied 10 months ago.
Hello again. I am checking in because you have not rated positively. To me this means you may have another question. Please let me know – I am simply touching base. Thanks!

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