You Can Get a Cosigner Student Loan If You Make Payments on Time and Regularly
Enrollment can be financially risky , but many parents agree to a student loan for a child so they can pay for their tuition. The good news is that if your child pays the loan on time and on a regular basis, some loan providers will allow you to release the co-author. The student loan hero tells us how it’s done.
Navient is one of the service centers offering this option and Student Loan Hero uses them as an example:
… there may come a time when you no longer need an assistant. Releasing your partner from their financial obligations can free both of you, and it’s a relatively straightforward process. According to Navient, primary borrowers may be eligible to release their co-author after they graduate and make 12 consecutive on-time payments (in both principal and interest).
The process mainly involves completing an online application and providing proof of income, expenses, graduation and citizenship. However, American Education Services draws attention to several important points .
First, lump sum payments are usually considered one eligible payment. A one-time payment can help you save on interest, but don’t expect to release the applicant early by making a large down payment.
Second, leniency can take away your eligibility for a release, or restart the countdown of the required sequential payments. If you are looking for patience, this should be kept in mind and perhaps discussed with your partner.
The qualifications differ depending on the service person, but in general it is done like this. Student Loan Hero offers more information on the process at the link below.
How to Request a Navient Cosigner Release | Student loan hero