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Co-applicant on loan application

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galaworl

Junior Member
What is the name of your state?What is the name of your state? New York
Hello,
I don't know if i'm posting in the appropriate section; if i'm not, please let me which will be best.
Here's my situation:
My boyfriend of one year is in business school, because he's an international student, he needs a co-applicant in order to get a loan. Last year, his ex coworker (and best friend) from his home country signed for him, this year he's asking me if I could do the favor. Though we love each other very much (we know we want to get married), I'm still anxious about being responsible for up to $10,000 if he's unable to pay. I know he won't bail on me, BUT I have to be realistic here; I have a wonderful credit and I don't want to screw it up if anything happens. (I know once he graduates, he'll be very able to pay it off).

My question is this: could I draw up a contract (w/notarization) that absolve my responsibility if something were to happen to him, and he's unable to pay?
If so, what would I have to include in it? My guess is that we'll need to include someone else who will be responsible, right?

I really love him and I don't want to seem unsupportive as he spends quite abit of money on me, and this is really the only major thing he's asked me for.


Thanks

ps:I sort of filled out preliminary paperwork already but I haven't actually signed anything yet.
 


pojo2

Senior Member
You would be making a huge mistake to co-sign with someone you have no legal relationship with.

Want to find out how much he loves you? Tell him you can not do as he ask, see if he disappears.

You are wise to protect your credit and if he falters then YOU will suffer the same fate as he unless you are willing to pay off the loan, which by the way would be the only document you could draw up on this matter that would stand water.
 

galaworl

Junior Member
thanks

Thanks for that.
I'll just let him know I don't feel comfortable with it.
Hopefully he'll understand its not (all) about him and his loan but more about what could potentially happen to me if he can't repay.
 

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