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  LiveWire / College Forums / Financial Aid, Scholarships & Internships / Viewing Topic

A Loan's Co-Signer. What exactly is his/her responsibility?
Replies: 5Last Post Aug. 29, 2008 7:26am by campusvitals
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( Anonymous )

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Say I applied for a loan and asked that someone co-sign for me, to what extreme would their participation in the loan payment be?
Are they sent bills as well?
I'm not sure what they're exact necessity is.
So if someone here could explain this out to me I'd appreciate it LOADS.

Thanks for those of you that try or do.


3:38 pm on Aug. 28, 2008
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BeautifulLies82


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If you don't pay, then the loan company will come after them.

3:39 pm on Aug. 28, 2008 | Joined: Jan. 2006 | Days Active: 513
Join to learn more about BeautifulLies82 Maine, United States | Straight Female | Posts: 6,030 | Points: 11,553
pujolsfan


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if you dont pay, then they get the bill

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 -.-- . .- .... --..-- /  .. /  .... .- ...- . /  -. --- /  .-.. .. ..-. . / &nbs

3:39 pm on Aug. 28, 2008 | Joined: May 2008 | Days Active: 385
Join to learn more about pujolsfan Missouri, United States | Straight Male | Posts: 9,041 | Points: 15,605
( Anonymous )

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Sweet.  Thanks.

3:42 pm on Aug. 28, 2008
blueroadrunner


Dairy Product Addict
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yea so if you don't pay the credit hounds will hunt the other person.....and bug the hell out of them!

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lighting high

4:04 pm on Aug. 28, 2008 | Joined: Dec. 2006 | Days Active: 165
Join to learn more about blueroadrunner Texas, United States | Straight Male | Posts: 473 | Points: 2,145
campusvitals

Novice
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A co-signer is stating that if you (primary borrower) are unable or unwilling to pay them what you owe, the other person will become liable for the payments that you do not make.  

As long as the primary borrower makes payments on time, the co-signer will have zero involvement in the process.  Only in default will a co-signer get called or sent a bill.

Hope that helps.

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Student Loans, and Student Loan Consolidation


7:26 am on Aug. 29, 2008 | Joined: Aug. 2008 | Days Active: 2
Join to learn more about campusvitals Virginia, United States | Posts: 3 | Points: -977
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