Who is ultimately responsible for a private student loan?
It depends on the type of loan. With Federal Stafford and Grad PLUS loans, the student is responsible because the loans are made in the student’s name. With Parent PLUS loans, the loan is in the parent’s name, making them responsible for the loan. For private student loans, like CompleteEd, both the student and cosigner are responsible in most cases. Cosigners can opt out of some loans after meeting certain requirements test.
