Need help, cosigned on a Key Bank Student Loan

My son got a 12k loan quicked with this bank. He put my name and ssn as co-signer, but under co-signer signature, he just signed it. I never knew this until key bank tried to ask me to pay which I'm denying it. The bank should have checked or verified the co-signer information, but they did not because its part of their tactics. I was wondering if anyone have a similar situation...

I had a client that had a similar situation. If it's not your signature then it's fraud. It's up to them to go through the proper measures to insure the signature is valid. However, they did not. Which means you can easily get out of it. I would send them something in writing notifying them of the issue.

You will have to file a police report against your son since he is the one who committed the fraud, not the bank.

Technically, both are responsible. The bank did not do their part checking if my signature if valid or not. They only checked name and ssn for credit check. If the credit is good, loan is accepted without checking if there is a fraud or not because they can always get their money back.

Banks never check for student loans since the applications are normally done remotely. From my experience, the student takes 100% of the blame and the consequences for the fraud. I saw several Plus loans taken out fraudulently over my years and they pursue them thru the legal system.

As a co-signer on a student loan, I was not notified of deferment, they say I was because they sent a letter to me that they did not recieve back. That was thier proof I recieved the deferment letter. Now Im stuck with a additional 4,000 in interest due to this. No one cared and no one wanted to hear about it. Good ole Government, dont help the taxpayer that tries to do the right thing, just spend my tax money to bail out multi million dollar corps. Gotta love it.

You signed for a private loan, not a government loan....government isnt involved. Maybe you should be directing your anger at the primary person on the loan.

My boyfriend took a loan out from Key Bank for $47,000.00 to attend Silver State Helicopter School. He made payments until we sold items to pay the loan in full. The $47,000.00 dollars was to pay for private and commercial license. This was a dream. Within weeks of paying the loan off in full Silver State closed its doors and filed bankruptcy without any warning. We have now spent $47,000.00 and did not get to complete the school and now have no money to complete the training in another school? We have now been told that Key Bank is to pay all but $5,000.00 back to us because we were told that we had to go to Key Bank for this loan? Is this true or do we need to sue for our money back?

It has nothing to do with what bank you borrowed from....all banks would follow the same policy. However this is a complicated case and you did get some training so I am assuming that you would be held liable for some of the costs. This is a case where you really need an attorney.

soaplady is an ******* you have no idea what it is like trying to find a job with 1000's in student loan debt. I was never counseled on my loans and was led to believe I would be paying something totally different than what was sent to me upon graduation. The bank made it sound like it was going to be affordable now they want 1500 a month from me and my paychecks are 800 every 2 weeks. I work 55 hours a week and have no money and I am looking for a second job in a recession. You are the most un-compassionate person I have ever seen.


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If has nothing to do with compassion....it is reality....this is just how private student loans work. Don't shoot the messenger.

SoapLady doesn't belong on this board. Obviously she has no idea what the recent practices of lenders have been like, or the reality of trying to land a decent paying job in this economy.

Cosignor dad...I am very aware of lender practices. However no one forced a pen into your hand to cosign on any loan. Education is not a right in this country....unfortunately a lot of people make poor decisions when it comes to private loans. This is reality.

neither do know-it-all guests that want to do nothing more than take shots.student loans don't have the same rules other loans do.trying to bash someone who gives it straight is not dealling in reality.

Ever hear of 'tough love?'

I've known Soaplady for quite a while, and I can tell you two things about her. She's the most knowledgeable person in this community on the topic of student loands. And she calls it just the way she sees it. Would you rather be told what you want to hear, or get good advice that will actually help solve your problems?

student loan companies should not...and i mean not have any more protection than credit card companies or other bills...the price for education is out of this world...and when you line it all up for that good job and the market dies...well its just wonderful....its just another scam....even if i get a third job...yea thats right..i cant afford the monthly payments....all that work...all that hard work...and nothing for it but debt...i unlike others checked out the options..looked at the salary..and dammit if the jobs were there...then yes i could pay the dam things...but they arent and nothing i have done has fixed the situation....so yes you should be able to claim bankruptcy on these loans....lenders wouldnt loan anymore...guess what schools wouldnt charge as much and people wouldnt be in a mountain of unpayable debt until the day they die