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Some lenders offer cosigner release. With cosigner release, once a student has made a certain number of private loan payments on-time, he/she can apply to have you released from the loan. In order to qualify for cosigner release, the student will probably need to meet certain credit requirements to the satisfaction of the lender. Therefore, it’s important that your student starts to build credit after graduation and maintains an excellent payment history on all of his/her debt obligations, including student loans. If cosigner release is important to you, make sure you check with your lender before taking out a loan with them, to make sure you know exactly what is required.
CLC offers a cosigner release option. Cosigners may be released from their responsibilities on the loan after the student borrower has made 24 consecutive, on-time monthly payments of principal and interest and who can meet applicable credit criteria on their own at the time of the request for cosigner release.