I have a friend whose new husband co-signed a loan for his son's college tuituon. The son failed to graduate from school and is now responsible for re-paying the loan and scholarship he had during school. How does this affect her credit standing? Is she financially responsible for the co-signed loan as it was done after they were married? And will the father also be financially responsible to help pay back the scholarship funds as well since he co-signed for the loan?? Please help asap with some information!!! Thank you!!
2007-01-11 07:33:14 · 2 answers · asked by C M 1 in Business & Finance ➔ Credit
Everyone that signed for the loan is responsible to pay back the loan. The loaning company will first go after the main person on the loan, and then start to go after the secondary people who signed for the loan. A good case of care what you sign for because you are responsible for it once you sign for it.
2007-01-11 07:40:31 · answer #1 · answered by dragondave187 4 · 0⤊ 0⤋
Each person that signed the loan documents are responsible for repaying the loan.
If your friend did not sign the contract as a co-signer? She is not responsible for repaying it.
The first rule for co-signing any loan is simple. Are you ready and able to make the payments if the person you are co-signing with doe's not?
2007-01-11 07:59:21 · answer #2 · answered by ? 7 · 1⤊ 0⤋
Well - you will find this answer within the signed document. READ-READ-READ!
2007-01-11 07:38:11 · answer #3 · answered by Cat 5 · 0⤊ 0⤋