A 2012 report from the Department of Education and Consumer Financial Protection Bureau (CFPB) estimated that as many as 9 in 10 private student loans were co-signed by borrowers’ parents. Over time, a co-signer may no longer be necessary and you can request to release him/her from the loan, but this can sometimes become complicated, as rules and regulations can vary greatly among different lenders.
If you wish to obtain a co-signer release from Navient after graduating and making twelve consecutive and on-time payments (of both principal and interest), there are a few specific steps, including: access the co-signer release application on Navient’s website, which can be printed; provide proof of graduation, citizenship, income, and “select expenses,” such as payments on homes, cars, or student loans; and list your co-signer/s by name in the application.
It’s important that you stay on-track with your student loan payments leading up to a potential co-signer release, as you will need to make at least twelve consecutive and timely payments to be eligible. If you are able to make multiple payments within a month (of both principal and interest) during this twelve-month span, you may be eligible for the co-signer release sooner.
If you are struggling with student loan debt, you are not alone. Contact an experienced student loan attorney today for a free consultation.