When cashing a student loan check, do both borrower(his ex) AND cosigner(my b.f.) REALLy have to be present?
Question by jo_bou: When cashing a student loan check, do both borrower(his ex) AND cosigner(my b.f.) REALLy have to be present?
My boyfriend’s ex girlfriend (whom he was with for 3 yrs) prior to me, asked him to “cosign” a $ 10,000 student loan for her. Personally I think its just another way for her to hold on to him and stay present in his life, so they have “reason” to talk or, if need be, meet up.
But regardless of that, I think asking someone to “cosign” for you is kind of a big/personal favor to ask AND as for him… agreeing to cosign a loan seems like a pretty BIG commitment to make to an ex especially when you consider the amount AND, the fact that you live with your current girlfriend (whom you’ve been with for over a year). Am I wrong?
Its an Education Maximizer Loan through Bank of America for $ 10,000. Since the day she asked him to do this they’ve been dealing with trying getting this loan approved for almost a month now (since Sept. 28). And since that day she asked him to cosign, they talk to each other 2, 3, 4 times a week and see each other maybe once a week … you know, for “loan” stuff. And of course, I am never told any of the phone calls, her stopping by his work, or him running by her house. I have to look in his phone (which is shady) and confront him about it.
And maybe I am crazy to be completely irritated by this whole situation but, in my opinion, the involvement they’ve had with each other over the past month seems to be a little excessive for cosigning a loan. No?
She txt him to tell him that the loan was finally approved yesterday and the check will getting here this Thursday morning. Then she follows up by asking him what he’s doing that morning because, and I quote, “we both have to go to the bank and be there to cash the check.” In which he respond to her text by calling her. Is this the usual procedure for borrower/cosigner? Does he REALLY have to be there to cash HER loan check? How much involvement is really necessary, or does this seem excessive to you too? As cosigner, what does his involvement REALLY consist of? Maybe I am totally out of line but I really feel like they are both over stepping some boundaries. I had to ask someone who was familiar with student loans and the involvement between borrower/cosigner because I think ENOUGH is ENOUGH!
Thank you so much for your time.
Best answer:
Answer by Miriam W
Wow… he shouldn’t have even co-signed for her, because what will most likely happen is he’ll end up paying that debt off when she doesn’t pay. Yes, I said when, not if. If there’s a way for him to back out of it now, he should do it! If he can get out of this obligation (DEBT) my not being there to cash the check, then great. But be sure he’ll actually be completely out of the obligation.
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By cosigning, he is basically agreeing to cover payments if she fails to. His credit must be much better than hers. If he discouraged her invovlement in school or a career while they were together, I can totally understand his desire to help her get on her feet (like maybe he held her back?), but I do not know that end of the situation …
This WILL show up as using part of his available credit on his credit report. Does he REALLY trust her THIS much? Find out if he knows and COMPLETELY understands the extent of financial involvement and responsibility this is for him.
I am not sure of the terms of the loan, but if the check is made out to both of them – likely it is – then, yes, they both have to sign the check, i had to do this with a contractor, it was really annoying to have to coordinate with his schedule.
If you don’t feel their behavior is on the up and up, then I would suggest having a CALM sit-down talk with him. Explain what is confusing you or making you feel uneasy in their behavior. Don’t be confrontational about it, that will only make him defensive and break-down communications between you, ask him gently and politely to help you understand by going through the paperwork with you. You already know the amount and everything, so it is not like you will be learning much about her financially, and since you DO live together, you are allowed some (especially if your budgets are tight) concern if he ends up having to make any payments for her.
Just be calm and determine if you love and trust him and have a good, mature, thoughtful, fair conversation with him. Use statements like “I feel” and “I don’t understand” and “this something I have never had to try and understand before, please help me”. If you do not trust him, your relationship will be very tense and dissatisfying, and well, it will be over before it started …
Girl , Dump him today!
change the locks!
he is NOT done with her!
if he signs this check , she will be part of your life until it is paid off!
he needs to NOT sign this.
she needs to send money back and find her own financing, cause she’ll be sleeping beside u till it is paid off.
visit daveramsey.com to learn your hard lessons coming to u the easy way from others dumb mistakes.
Wow, your BF isn’t so smart. You shoud dump him soon. Any guy who would cosign on a student loan for a girlfriend is either dumb as a bag of hammers or is still in love with her. A student loan, should the girlfriend default, will haunt him for ever until it is paid off.
It does seem excessive because it’s a perminent thing. Don’t let him string you along. Split before this get’s too painful.
Good Luck!!
If the check is made out to both, then both have to sign. If she is alone on the ‘pay to the order of’ line, she doesn’t need anymore of his help. Either way, if the check isn’t returned to the bank, he’s responsible as soon as the first payment is late.
Now, if you were my daughter, I’d say, “Sweetheart, if you see him again, I’ll kill you!” I say he’s playing you for a fool. Even if he’s not, he’s so irresponsible with money, you’ll never have any as a couple. And this loan will ruin your relationship, period.