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If I co-signed for a student loan and it has gone into default, what happens?

The student is the primary borrower with the responsibility to pay back the loan, but as a co-signer you have equal responsibility for repaying the loan if the student doesn’t. If the primary borrower defaults on the loan, it could impact your credit.

Any late or missed payments are reflected on both your credit report and the student’s. If the student defaults on the loan, private lenders will often hire collection agencies to get you to repay, and they may also sue you in court. Lenders can also report your default to consumer reporting agencies, which could harm your credit.

Remember that you have rights when dealing with debt collectors, and it is against the law for a collector to harass you or make false statements to you.

See your options for dealing with default on a co-signed student loan.