Certain loans, such as student loans, may permit cosigners to be released. Typically, cosigners can be released from their responsibilities after they or the primary borrower meet certain requirements. The requirements for each loan vary depending on the promissory note.
To view your promissory note, select Payment History, then Documents on your Scratch homepage.
Although every loan is different, here are some examples of common criteria that are used to evaluate cosigner release:
- The primary borrower has kept up with their monthly payments for a specified amount of time
- The primary borrower has graduated from college
- The primary borrower is employed and earning income
- The primary borrower has good credit and can afford the loan on their own
If you have any questions or need assistance identifying your requirements as a cosigner or primary borrower, contact us.