Promissory Note With Student Loan Cosigner

[exception]

I have a friend who is going to cosign a student loan for an international student. I am in the US with green card petition approved but waiting for priority date to be current. So, I am not able to cosign the loan.

To reduce the burden on my cosigner friend, I want to have a legal agreement with cosigner that I will be responsible for repayment if he, for some reason, becomes responsible for it.

Can I have a promissory note or some other legal document with my cosigner friend with some clause that I will be responsible for repayments?

If so, what would be the language of the legal document?

Thanks in advance!

 

[Zigner]

I have a friend who is going to cosign a student loan for an international student. I am in the US with green card petition approved but waiting for priority date to be current. So, I am not able to cosign the loan.

To reduce the burden on my cosigner friend, I want to have a legal agreement with cosigner that I will be responsible for repayment if he, for some reason, becomes responsible for it.

Can I have a promissory note or some other legal document with my cosigner friend with some clause that I will be responsible for repayments?

If so, what would be the language of the legal document?

Thanks in advance!

Whether you sign such a promise or not won't matter when the lender comes after your friend for the money. Your friend is responsible to the lender whether or not you sign such a promise.

Creation of such a document is beyond the scope of this forum.

 

[exception]

Hello Zigner,

Thank you for your response. I understand that my friend will legally be responsible for payment of loan. But, in that situation, based on the promissory note, would he not be able to take me to court for repayment?

This situation wont arise (bank coming to him for loan repayment), but I want to give him some peace of mind that he will have some legal options.

 

[Zigner]

Hello Zigner,

Thank you for your response. I understand that my friend will legally be responsible for payment of loan. But, in that situation, based on the promissory note, would he not be able to take me to court for repayment?

This situation wont arise (bank coming to him for loan repayment), but I want to give him some peace of mind that he will have some legal options.

Sure, he might be able to take you to court for repayment, depending on the contract between you. You should speak to a local attorney for advice on how to do this correctly because, quite frankly, I can see such an agreement being easily voided if not formed correctly.

 

[exception]

Thank you again. In the first step I want to know if something like this can be done. For creation of that legal document, I (and him) will most certainly go to an attorney.

I will appreciate if anyone else wants to chime in.

 

[Zigner]

Thank you again. In the first step I want to know if something like this can be done. For creation of that legal document, I (and him) will most certainly go to an attorney.

I will appreciate if anyone else wants to chime in.

Something like you want to do may be able to be done - the attorney will review all of the details with you and advise you.

 

[quincy]

... I will appreciate if anyone else wants to chime in.

I agree with Zigner. Seek out an attorney local to you for assistance in drafting an agreement between you and your friend.

Good luck.

 

[exception]

Thank you Zigner and Quincy. I will do that.

 

[quincy]

We both appreciate the thanks, exception, so thank you.

I think you are nice to try to help your friends. The attorney you see can better ensure that this help does not turn out badly for anyone.

Good luck.

 

[exception]

Thank you for your kind words Quincy!

 

[quincy]

Thank you for your kind words Quincy!

You're welcome.