I'm a cosigner on a student loan, and the borrower refuses to pay for it. What can I do?

If you are the cosigner on a student loan, it is your legal responsibility to ensure that the debt is repaid. This is the reason lenders use cosigners. You are a form of insurance on the loan. If the lender contacts you to inform you that the borrower has stopped paying, you must make payments in order to protect your credit. You can then attempt to collect the funds or collateral from the primary borrower. If you believe the borrower has the money to make payments, lawsuit is an option. However, suing the primary borrower does not excuse you from obligation to repay the debt. 


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