NYHELPs Cosigner Liability and Release

Cosigner Liability

Cosigners are equally liable for the repayment of the loan(s) for which they cosigned.

Cosigner Release

If a cosigner release option is available, a cosigner may be released from his/her responsibility if a borrower:

  • makes 48 consecutive, monthly, on-time payments* of principal and interest upon entering into repayment the day after the end of the 6-month grace period following graduation, withdrawal, notification of less than half-time enrollment, or transfer to a non-Title IV eligible college; and
  • is deemed to individually satisfy credit criteria that would be applicable to a borrower without a cosigner at the time of application for Cosigner Release.

*on-time payments are payments received within 15 days of the due date.

Upon entering into principal and interest repayment, payments must be made by the borrower directly, not a third party on the borrower’s behalf, in order to be eligible for Cosigner Release. To apply for Cosigner Release, contact Firstmark Services at 1-888-538-7378 or This email address is being protected from spambots. You need JavaScript enabled to view it..