unfortunate situation
Are your parents aware that when these default you will both be
Are your parents aware that when these default you will both be sued?? The guarantors will be chomping at the bit to sue on these loans if your parents are that well off. Property liens, wage garnishment, bank account levies....they will pursue the easiest one to collect from, and that will be your cosignors. No bankruptcy either...well you might qualify under undue hardship, but your parents wont. If they see assets, they will sue quickly.
There is no disabiltiy forgiveness for private loans....someone
There is no disabiltiy forgiveness for private loans....someone gave you bad info.
I don't know if my parents are aware of that. Sallie Mae has a
I don't know if my parents are aware of that.
Sallie Mae has a program for private loans for total and permanent disability. I spoke with the director of that program.
Found this http://www.fastweb.com/financial-aid/articles/2141-
Found this http://www.fastweb.com/financial-aid/articles/2141-death-and-disability-may-now-get-you-out-of-paying-loans
Quote:
The new discharge provisions give students peace of mind, knowing that if a tragedy should strike, their families and cosigners will be treated compassionately. The changes are retroactive, applying to all borrowers since the start of the Smart Option private student loan program in early 2009. (The changes do not apply to other private student loans, such as the Signature student loan.) |
So is there anything *I* can do in this situation to improve thi
So is there anything *I* can do in this situation to improve things?
Private loans are horrific...that is why federal is always best
Private loans are horrific...that is why federal is always best to take out. Those can be cancelled. For whatever reason, your parents made a bad decision and now they will have to live with the consequences.
Your income due to your disability will be exempt...they will probably end up suing you but will get nothing from you. Do not co-mingle your bank account funds with anyone else's funds.
There really isnt anything you can do...except tell your parents they are legally responsible to pay. If they want to save their credit, they will start paying before the loans default.