How to Get a Sallie Mae Co-Signer Release
Updated On September 5, 2023
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If you have private student loans with Sallie Mae, you may be wondering how to get a Sallie Mae co-signer release. A co-signer may be a parent, spouse or grandparent who helped you get approved and assumed financial responsibility for your student loans.
When you remove a co-signer, your co-signer will no longer be financially responsible for your Sallie Mae student loans. Rather, you will assume full financial responsibility for your student loans.
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How does a co-signer request a release from your Sallie Mae student loans? There are several options. For example, you can ask Sallie Mae to remove the co-signer from your Sallie Mae student loans. Alternatively, you can refinance your Sallie Mae student loans with a different lender. Student loan refinancing can help you to get a lower interest rate, save money and pay off your student loans faster.
In this ultimate guide, you’ll learn everything you need to know about how to get a Sallie Mae co-signer release:
- Meet the student loan payment requirements
- Use the Sallie Mae co-signer release form
- Show income and expenses
- Demonstrate proof of citizenship and graduation
- Provide names of your co-signers
- Submit the Sallie Mae co-signer release form
Meet the student loan payment requirements
To release a co-signer from Sallie Mae student loans, you first must certain requirements. For example, you must graduate or complete your course of study. You also must make 12 consecutive, on-time private student loan payments.
Remember, a co-signer release is for your private student loans, so your on-time payments must be for your Sallie Mae private student loans. Make sure that your payments include both principal and interest payments.
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Use the Sallie Mae co-signer release form
Importantly, only the student loan borrower can apply for a co-signer release.
Show income and expenses
On the application to release a co-signer, you will be asked to provide basic information such as your name, date of birth, contact information, citizenship and employment information. Be prepared to share your income and expenses.
To show proof of income, you can provide a W-2, 1099, pay stub or even a recent income tax return. In terms of expenses, you may be asked to provide other debt obligations such as other payments for student loans, credit cards or mortgages.
Demonstrate proof of graduation
To get a co-signer release, you will need to provide a college diploma or official transcript to show proof of graduation or course of study completion. Remember, you must graduate or complete your studies before you can get a co-signer release.
Provide names of your co-signers
Most student loan borrowers have one co-signer. However, it’s possible that you have more than one student loan co-signer.
List the name of your co-signer or co-signers on your co-signer release application. This will indicate to Sallie Mae which co-signer or co-signers will be released from financial responsibility for your student loans.
Submit the Sallie Mae co-signer release form
You have finished your co-signer release form from Sallie Mae. Don’t forget to sign the application. Now, it’s time to submit the form. You can mail your complete co-signer release form to:
P.O. Box 3319
Wilmington DE 19804-4319
Alternatively, you can log in to your Sallie Mae account, go to the Forms page, and select Secure Document Upload.