Is it true consolidation free the co-signer?

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southernboy2011
Posts: 9
Joined: Sun Aug 19, 2012 12:00 pm

Is it true consolidation free the co-signer?

Postby southernboy2011 » Sat Sep 01, 2012 9:30 am

I have heard somewhere that if you have a co-signer for GradPLUS loan and you attempt to consolidate your loans upon graduation the co-signer will be off the hook. I have also heard the opposite.

I plan to go public service route, so I hope my loans can be forgiven. However, some horrible collections are falsely reporting on my report so I can get approved this semester alone with it.

If it's true that they will be off hook on consolidation, is there anywhere that says that's true? I just don't want to have a certain loan not forgiven because I have a co-signer

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20130312
Posts: 3842
Joined: Wed Nov 09, 2011 8:53 pm

Re: Is it true consolidation free the co-signer?

Postby 20130312 » Sat Sep 01, 2012 9:42 am

It can happen, but doesn't have to. If the company consolidating your loans doesn't think you will be able to pay them, they will require a consigner.

southernboy2011
Posts: 9
Joined: Sun Aug 19, 2012 12:00 pm

Re: Is it true consolidation free the co-signer?

Postby southernboy2011 » Sat Sep 01, 2012 9:47 am

so basically, when I consolidate it will be as if I am getting a GradPlus loan again and will have to pass credit check to determine whether I can consolidate myself or would I need another cosigner?

I am beyond sure I will have this stuff off my credit by then, but what does the federal consolidation require?




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