It is possible to be released from a Sallie Mae loan as a cosignor once the student has graduated and successfully made a certain number of timely payments (12-24 consecutive months depending on the loan).

It is true that student loans are almost impossible to discharge in bankruptcy, although there is some movement afoot to change this. I wouldn't count on it though. I, personally, would only co-sign my own child's loan and only then if we had a clear understanding about cost containment and reasonable hopes for post-graduate employment. And I certainly wouldn't cosign if I fundamentally couldn't afford to absorb some or all of the liability.