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Ely, Counselor at Law
Category: Consumer Protection Law
Satisfied Customers: 102381
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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My question is this: We cosigned loan of $10,000 daughter to

Customer Question

My question is this:
We cosigned for a loan of $10,000 for our daughter to take a 2 weeks course at a career bootcamp in 2008. She deferred the loan while she attended a 4 year college for a degree (loan is now around $30.00). She filed bankruptcy (self, no lawyer) and the loan fell on us.
Can we put this loan back on her?
Can the instution change the type of loan (from personal loan to student loan) after the fact, so that they can put it on the cosigner?
Sallie Mae does not offer student loans to this instution because the course only runs 2-3 weeks.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note:This is general information 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."

No, there is no way to "toss the loan back on her." Unless you and her had a specific contract that specified that she would indemnify you for any liability under co-signing, then there is no way to toss the loan back to her, or pursue her. As a co-signor, one stands liable for the debt.

The institution charges the same type of loan - same contractual terms of the fees, interest, and money due.

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