Sentences with phrase «event of the cosigner»

Sallie Mae said its promissory note does say that the loan may be declared in default and due and payable in the event of the cosigner's death, but they do not report the loan to the credit bureaus as defaulted unless and until it reaches 211 days of delinquency.

In the event of a cosigner's death or qualifying total and permanent disability, the borrower will not be required to find a new cosigner for an existing loan.

Now an automatic default will not be triggered in the event of the cosigner dying or filing for bankruptcy.

«Although the promissory note states that the loan may be declared in default and due and payable in the event of the cosigner's death, we do not report the loan to the credit bureaus as defaulted unless and until it reaches 211 days of delinquency.

Not exact matches

In the event of the death of the student borrower, the loan can be forgiven and the cosigner won't be responsible for repayment.

Some private student loans may also be forgiven in the event of the death of either you or your cosigner.

Death or Disability: In the unfortunate event of a borrower's death or qualifying total and permanent disability, Iowa Student Loan will forgive the loan and not require cosigners or the borrower's estate to satisfy the loan obligation.

Also, in the event of the borrower dying, the private loan lender would have to release the cosigner from the debt.

Things such as funeral costs and jointly held debt (such as a cosigner on a loan) are just a few of the costs that you'll need to consider in the event you were to unexpectedly die.

«Cosigners assume the responsibility of making payments in the event the original borrower can not make the assigned payments,» explains Sean Stein Smith, CPA, member of The American Institute of CPAs» National CPA Financial Literacy Commission.

If you do, your cosigner could ultimately be responsible for payment of those loans in the event of your death.