Legal
What you take on by guaranteeing someone else's debt
A guarantee is a promise to pay, and it is enforceable against you without the lender pursuing the borrower first.
Guaranteeing or co-signing means the obligation is yours as well as the borrower's. In most arrangements the lender may pursue you directly on default, and is not required to exhaust its options against the borrower before doing so.
The debt generally appears on your own credit file and counts against your borrowing capacity, which can affect an application of your own years later. Late payments by the borrower are recorded against you as well.
Release is difficult. Most agreements continue until the debt is repaid, and refinancing in the borrower's sole name is usually the only practical exit. Some student and vehicle lenders offer a release after a period of on-time payments, but it has to be applied for.
If you are considering it, the questions to ask are what the total obligation is, what notice you would receive of a missed payment, and whether you could meet the payments yourself if required to.
What to do next. Ask the lender in writing what would release you from the guarantee, and whether you would be notified of a missed payment.
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between academic years. This is written to help you read the official sources, not to
stand in front of them. Start there.
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