With the rising cost of college tuition, more students are turning to private student loans to help bridge the gap between what is offered through financial aid and what they can pay out of pocket and their actual college costs.. Unfortunately, most young people have a limited credit and employment history, which means they will be unable to secure a private student loan on their own. In general, most lenders require students to have a credit-worthy cosigner before they will be approved for financing. This person doesn’t necessarily need to be related to the borrower (student), but parents and other family members often step up to help out. But, being a cosigner can be risky. If the borrower fails to make payments, the cosigner will be legally obligated to repay the debt. There may even be some risk for the borrower, as well. For example, should the cosigner die or file for bankruptcy before the loan is paid in full, the student loan servicer may place the loan in default and demand that the balance be paid in full, even if all payments have been made on time. Plus, removing a cosigner from a private student loan is not always an easy process. There are two primary ways a cosigner can be freed of their obligations under the promissory note they signed: