A parent who co-signs a note for a student loan with his or her son or daughter is primarily liable if the note states the co-signers collectively promise to pay.

Question

Samuel Alexius · Accepted Answer

Final Answer : True, Explanation :  If the note states that the co-signers collectively promise to pay, it implies that both the parent and the student are equally responsible for the debt, making the parent primarily liable alongside the student.

A parent who co-signs a note for a student loan with his or her son or daughter is primarily liable if the note states the co-signers "collectively" promise to pay.

Definitions

Learning Objectives

Learning Objectives

Related questions