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At Wells Fargo, the student borrower must be a US citizen and must request the release of the cosigner.
If the very first loan payment was made on time, then the most recent 24 consecutive monthly payments must have also been made on time.
There’s one simple reason, but it can have a huge effect: The longer the loan is in existence, the higher the likelihood you could make late payments or even default.
Even a single late payment will negatively affect the cosigner’s credit.
Ask your lender about the cosigner release process and make it happen as soon as makes sense; both you and your cosigner will be better off in the long run.
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Here’s how to get a cosigner released from your student loans after graduation (and why you’ll want to make it a priority).
Should this be the case, you’ll have two options: Either you will need to pay off the loan as soon as possible, or you’ll have to consider a student loan refinance or consolidation.
Naturally, in order to do any refinance or consolidation, you’ll have to have sufficient creditworthiness and income to qualify for the new loan.
sense when you apply for the loan (so you can qualify or get a lower rate), it also makes sense to release that cosigner as soon as financially practical and take on responsibility for the loan by yourself.
should want to be released As you will repay your student loans over many years, it is highly desirable — from the cosigner’s point of view — to be released from the loan.
There is a long list of other requirements as well.