Co-signer needing a way out

I live in North Carolina. I foolishly co-signed on a student loan for a friend in 2006 so he could return to college to finish his degree. He decided not to take a full load of classes and the loan went into repayment. Each time a payment is due, he is late. The company sends me a statement and calls me to get the payment. I pay it and EVENTUALLY get him to reimburse me. This has turned into such a hassle- not to mention the awful things it's doing to my credit. Originally, the loan was for $6,000. Now the outstanding principal is $6,484.44. He keeps telling me he's taking care of it and he never does.

What kind of legal action can I take here? I know there is no way to remove me from the loan because I was foolish enough to co-sign. Would it be possible to pay it off with a lower-interest personal credit card and take him to court to pay the balance on the card? What kind of court proceedings would follow- an arbitration? I have evidence of conversations we've had online about his payment and his promise to pay me. Any help is greatly appreciated.