Student loan co-signer Fannie Mae

unfortunately as a co-signer, your mother is just as responsible for the loan as your nephew. I don't know about the 9 phone calls a day, but they are allowed to call until they are able to talk to him.

She cosigned on a Sallie Mae loan, not a Fannie Mae loan,

Obviously your mom is not answering her phone...tell her to answer it on the first call and they will not call back again that day since they have made contact.

Legally your mom is responsible for the debt. They could end up sueing her. Although they cannot touch her Soc Sec, they can seize any other funds and lien property.

I stand corrected. it is sallie mae, thank you. She does answer the phone, numerous times, the problem is she is current on the loan she co- signed for but he is not current on other loans with them, she tells them she can't get ahold of him and they keep pestering her about it.

Similar problem here, however, they do speak to me who am the student with the loan.. Sallie Mae is just a true night-mare. They have different people calling me as well all the time, and sending me letters with what will happen if I don't pay them off, as if I wasn't making my payments. I am up-to-date with my payments but they just don't stop harassing. I would tell your mom to not worry too much about the harassing, she is not the only one going through that with Sally Mae, as long as she is making the payments on time, she shouldn't let them get to her, they have a way with pressuring and harassing though we are good people and are not planning to steal from them. They know good people don't like to feel "guilty" so they have found an unethical way to break our peace by making us feel guilty of something which we haven't even done yet, which is "not pay off a loan". In conclusion, harrasing and scaring you is their strategy to make sure they get their money back. I really wish some-one could do something about it, I have researched it, and it seems like they are supported by the government, on top, schools offer it because Sally-Mae gives the school money so they can promote them. It's horrible!!! The best we can do is warn other!

Sallie Mae is not supported by the government,..they are a private company. And Sallie Mae does not or no longer gives money to the schools....they got in trouble for that last year in New York. Sallie Mae simply is the biggest of the FFELP and private lenders out there.

What happens if you just can't pay this loan?? My daughter is caught in their predatory lending scheme. They should have NEVER lent her the money for her second loan given her earning power. Is there any way she can at least reduce her payment.

How is it a predatory lending scheme? She was a student when she borrowed it......students generally have no income until they leave school. What would she have done if she couldnt have borrowed? Quit school? Your daughter has to take some of the responsibility for irresponsible borrowing, maybe for a school she just could not afford.

How is it a predatory lending scheme? By promising that after graduation all the loans would be consolidated into a single low interest loan....and then refusing to do so. So now instead of the verbally promised 3 or 4% single loan my daughter is looking at 10% loans for years to come.

Did she read her prom note??? Nowhere in any prom note does it promise consolidation. Consolidation for federal loans is an option that the borrower must actively apply for. WIth Direct Loans, no one is turned down, even those in default. And the interest rate even post default, does NOT change. With consolidation you new interest rate is a weighted average of the current loans.
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You havent said what type of loans these are, federal or private. Either way, the prom note is defining document. Right above where your daughter signed, it clearly states "This is a promisorry note. By signing this note I attested that I have read and understand the terms of this note" Anything said verbally doesnt matter. Maybe your daughter needs to pull out her copy and read it.

Give/get me more information. Year borrowed, type of loan. How much she borrowed. Sounds like she has defaulted and been charged collection fees. It also sounds like she is not giving you the whole story.

ok i just want to no they recently told my daughter that she was being dropped from a private nursing school here in anaheim,ca for grade she appealed it and for that loan i am a cosigner. Recently bought a home about a year after she started if she does not pay the loan can they take our home. Thanks everyone Sally mae loan.

They can sue both of you...that will result in a lein on your home.