<p>I have a question about private student loans and the cosigning bit: Once the cosigner signs for the loan, can they later say "I don't want to be your cosigner anymore" and cancel the loan or does it not work that way? Meaning, once they sign for it, the loan can't be taken back?</p>
<p>Once they sign, they are on the hook until it is paid, which is why not very many people agree to co-sign loans.</p>
<p>So even if, hypothetically, I give them attitude and tell them I want them out of my life–there’s nothing he/she can do about it and I still have the money and means to pay for college? Thank you.</p>
<p>Do you only need one loan for one year?</p>
<p>You’ve read my mind. Follow-up question: Is it possible to take out a loan at the time for 2 year’s tuition? I hear most student loan companies offer on a year-basis. But could I just take out double or triple at once, just so I have it all out for the time being?</p>
<p>Also: please answer the previous question.</p>
<p>I do not think that you can do that. You might also want to read some of the threads on the financial aid pages about student debt.</p>
<p>So even if, hypothetically, I give them attitude and tell them I want them out of my life–there’s nothing he/she can do about it and I still have the money and means to pay for college? Thank you.</p>
<p>Please answer!</p>
<p>Well you would still have to pay the loan. If the loan payments aren’t on time, it scr*ws you over more than the cosigner (I think…at least in my case it does). </p>
<p>Basically, the worst thing that could happen to you if you tell the cosigner to get out of your life is that he/she stops paying for your loans, and then you will have to make all the payments.</p>
<p>You can only take out loans for one school year at a time. Once they sign for a loan, they cannot back out of it-- but they can VERY easily choose not to cosign for subsequent years of school, as my parents threaten to do regularly to keep me coming home at curfew as a 21 year old. So unless you are a senior and this is your last year of school, I suggest you treat your cosigners as if they are putting themselves hugely at risk to do you a huge favor that they are in no way obligated to do, since that’s exactly what they are doing.</p>