Student Loan Co-Signer

[TRfromillino]

I am/was a co-signer on my son's student loans thru Sallie Mae. Back when I was gathering all my creditor info for the lawyer, I asked him how being a co-signer on that would work out. I didn't want to mess anything up for him. Lawyer told me it doesn't really affect anything and I still had to put it in with my others. Fine. While browsing thru my recent credit report however, it shows as a negative, closed account, at the same time, up to date and current? Kind of amazing considering I was just a co-signer and had no money borrowed from them myself. My question is, does this mean his account with them is also closed? He's hard to catch and I thought he may want to call them? He pays on them religiously and is not in default.

[justbroke]

No, the account is definitely not closed despite what credit reporting would have you believe. Student debt is non-dischargeable (period). (Unless you file a complaint to determine dischargeability and win.)

So long as your student-son continues to pay and on time, he will be fine! Please be aware that these loan companies, including Sallie Mae, may stop automatic payments and may even suspend sending "bills" during bankruptcy due to what's known as the co-debtor stay. Just make sure he continues to pay and on time, regardless of any lack of billing or inability to have automatic payments withdrawn from a checking account!

[TRfromillino]

Oh they haven't stopped sending him or me any mail. Mostly generic stuff. I don't believe he's set up on autopay, probably goes in and does it himself. But I'll check with him. I wonder if he will have to find another co-signer? And down the road, is that something I can have changed on my credit report?