Ask Terry Questions Co-signed a student loan

Co-signed a student loan

By Terry Savage on July 25, 2018 | College Savings / Student Loans

Discover is going to get rid of my grand daughter’s student loan by charging it off. I have talked to my attorney and he sad don’t let it go to charge off. He said since I co-signed I am responsible for it. She won’t respond to any of my mail. I feel betrayed. I am 79 years old. Is there another way to get out of me paying? Our home is in reverse mortgage. We both have good retirements. That is my husband and myself, but we had planned to travel. Help!

Terry Says

OMG — Another warning to all parents and grandparents: Don’t Co-Sign! For sure you will be responsible in the end.
BUT, there is one bit of uncertainty in your letter. If your granddaughter’s loan is going to be “charged off” then her credit is already ruined. And if they haven’t gone after you as a co-signer yet, you’d be wise to pull your credit report and credit score to see how much this fiasco has already impacted you. Go to to get your free credit score. And go to to get your FREE annual credit report.

At your stage of your life, Discover will likely not spend legal resources going after you, trying to “get blood out of a stone” as my grandmother would have said! So there’s not much worse that can happen to you than your credit report being dinged. I don’t understand your lawyer’s warning — unless there is some detail that is left out of your posting.

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