My 80 yr old dad co-signed about $50k of student loans for my niece. She graduated and got a job but says she can't repay. My parents get soc security and have some retirement income from my dad's job. they no way have or will have the money to repay this loan if my niece defaults. What happens?
First off ~ Are these federal or private loans? Has she had late payments so far?
Like I said..post these questions and answers over on the other forum ~ I'm sure you'll get the information you're looking for :)
Sub: #1 posted on Sun, 11/02/2008 - 09:23
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Sub: #2 posted on Sun, 11/02/2008 - 12:19
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Sub: #3 posted on Sun, 11/02/2008 - 14:04
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My son will come into a fairly large sum of prize money in a half year or so. He tells me he wants to use the money for other things rather than pay down his debt. What are my legal rights to force him touse the money to pay down his debt which accrues interest regularly. Can I put alien on the windfall?
Sub: #4 posted on Wed, 12/10/2008 - 19:12
Did you cosign on loans with him?
You son will learn...eventually. One day he will want good credit.
Sub: #5 posted on Wed, 12/10/2008 - 20:40
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apikuros, even though you have no legal rights on your son, you need to give him a swift kick of reality, get him to realize how much damage this is doing to YOU too. I learned very quickly how much damage I did to my co-signer by not paying on time. Now I have been on time for over a year.
Sub: #6 posted on Thu, 12/11/2008 - 00:42
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Sub: #7 posted on Thu, 12/11/2008 - 04:45
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Sub: #8 posted on Wed, 01/21/2009 - 18:45
Sub: #9 posted on Wed, 01/21/2009 - 19:09
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Sub: #10 posted on Tue, 05/05/2009 - 16:57