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