Need help, cosigned on a Key Bank Student Loan

Hi,
I cosigned (BAD IDEA) on a student loan with my boyfirend so he could get a better interest rate. Our loan is with Key Bank. THe monthly payment is $800. Back in September, we tried to call and offered to pay half, the rep said no deal. Basically, they want a full payment or nothing. Well, we can;t afford 800 a month. Anyway, my boyfriend is going thru bankruptcy right now.

Does anyone have any experience dealing with Key Bank and their student loan program? I feel so stressed and basically screwed over because I have no debt hardly except for this AND i am trying to pay our bills and help him pay some of his bills..yada yada.

I just need to know what they can do to me since he is filing for bankruptcy??

I live in Florida and the loan is $100k.

Student loans including private loans are non dischargeable in bankruptcy. However during the stay period they may still continue to call you since you are the cosigner and are not included in the BK. There is a possiblity that they might not. Hard to say.

Being cosigner, you have the same legal obligation as your boyfriend. Private student loans are expensive and they do actively sue...so either or both of you could end up with judgements against you.


You are not likely to get a lower payment. I looked at Key Banks site and the lowest interest rate available is 9.22% and that would put your interest each month at around $700 per month. Honestly, you need to find additional income to cover this...it will not go away!

No true as of 2007 private loans are actually dichargeable under bankruptcy due largely to the efforts of Senator Joe Bidon!!

[WASHINGTON, D.C.] – U.S. Senator Dick Durbin (D-IL) today introduced legislation that will allow private student loans to be discharged after a borrower files for bankruptcy. Under changes made to the bankruptcy code in 2005, private student loans were given the same preferred treatment as government-guaranteed student loans. Currently, both government-guaranteed loans and private student loans are not dischargeable except under very extreme circumstances. This can place a tremendous burden on student borrowers with private loans.

Legistation was introduced but has never been passed.

Personally I believe making them dischargable is a bad move. A lot of lenders already have left the private loan lending industry...making them dischargable will be the last nail in the coffin. Individuals are borrowing these loans of there own free will, they are not being forced upon anyone. Too many students going to expensive private colleges are borrowing them with considering the consequences.

Loan companies PREY on the naivete of youth. I am a victim. I co-signed, albeit STUPIDLY, at the age of 23, with a friend for a student loan. I am now being held responsible for it 12 years later. It has destroyed my life. All I can recommend is to NEVER co-sign for ANYONE, EVER for ANY REASON!! It should be the responsibility of the loan company, bank, etc. to fully research the individuals applying for a loan. I was in no situation to co-sign at the time, and should not have been approved. If anyone has any suggestions on how I can get relief from my situation, let me know. Thank you.

Wow.....talk about misplaced blame.Â* Loan companies dont prey on anyone....nobody forces people to borrow. Nobody forced you to co-sign.Â* No terms where hidden from you...they are all there in the prom note.Â*Â* You met the criteria for a cosignor based on your credit.Â* Take your anger out on the borrower who is obviously not paying on the loan.

Soaplady you are wrong on this!!! I consolidated loans with Salliemae, sent in my paystub and still got approved with my monthly payment being higher than what I make in a month. Thats my fault with a HUGE fault on the lender!!!!!! I no way met criteria. Your negativity makes me mad. You were in the business is what I read. good for you but your not dealing with any of the problems that we are so you can't relate. AND...private student loans should go directly to the school and they should not send a check to yourself. If you are human and young and in college and get a 25000 check to you, think of how many people don't even use it for school. THINK ABOUT IT

And whose fault is it you borrowed so much in private loans? The lender approved and dispursed what you were eligible for. I would assume you attended an institution of higher learning which means you are an adult. Loans come with responsibility and obviously you abused the money. It is really no difference then people buying a house or a car they obviously cannot afford.

Yes I can relate very well. I went to school and borrowed for my education. 2 degrees. However I busted my hiney paying off the loans for 4 years....worked 2 full time jobs. No car, no vacations and they were all paid off in 6 years total.

AGAIN,

I do take fault in my actions, however, the lenders have to start taking some also. This is why so many people are in these binds and why so many lenders have put lending private loans on a hault. There is no way I should have ever got approved for these loans. I was 18 19 20 years old with a part time waiter job getting approved ON MY OWN with no cosigner for 30-40k a year. I made 100 dollars a week. Wake up and smell the coffee. I wish they did not approve me so I could find other means of education. community college? AND i work my a$$ off now and still don't make what my monthly payment is. That is a problem with lending and is the reason why 90% stopped lending. WAKE UP!!!!!!

Yeah, and you were supppose to be using the funds to get a job so you could pay it back....that is the concept of student loans. Lending was not based on what you were earning at the time....they expected you graduate and earn. Obviously you were going to an expensive school.

Stop for a second and please read what your typing. Lenders are giving young immature students money at an extremely high rate HOPING you get a good job and can pay them back? Do you see anything wrong with that???????????????/

Young immature students are adults...they are attending institutions of higher learning....which means they have a brain to think with and would know how to add, subtract and mulitple...and ask questions. Ignorance is no defense in the eyes of the law.

I was reading all the comments..i went to psu for 5 years, my father co-signed on my loans...when i graduated I thought I would be able to find a job in the major i picked when i was at school...im nowhere working in the major that i went to school for..i have used up all my options of prolonging payin my loans. i understand that when a co-signer signs a loan that puts the burden on them in case i cant make the payments..and its unfair..i been trying everything i can to make sure this doesnt hurt my dad credit which is A-1. Im looking for a second job, it just sucks that to try and get a good education to further your life is soo costly. i unerstand where you both are coming from. but sometimes..people get these loans hoping they can get a good paying job to pay the money back and it doesnt end up that way. i work at a billing company for emergency room doctors the pay isnt that great...soaplady i feel u..gotta do everything possible to pay the loans back..its not easy, Lord I know its not easy

never cosign for a student loan through key bank, I cosigned a $10.000 student loan 7 years ago. The kid has benn paying $110.00 per month. After 7 years the balance due is over $12.000.

That has nothing to do with the bank, but the interest rate that is being charged, and how long the loan was in deferment. I did a rough calculation base on a $10k loan at 10% interest. Payment would be $135 a month for 10 years. If he left it in deferment for 3 or 4 years, he would have accrued $3000=$4000 in interest before he started making payments.