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Student loan default impact on co-signer

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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?




The bill states the initial loan was for $8K not the $5K I agreed to. I never signed anything. Do you normally get loans of this size through Sallie Mae without signing anything?

Sub: #21 posted on Tue, 07/28/2009 - 11:27

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my sister is in default on her student loan - I have offered to pay the bank if they will only bill me on it. they say they cannot without her premission - is that no priceless. since I cannot get her to do anything at all - how do I get them to at least send me the damn bill before my credit is ruined?

Sub: #22 posted on Tue, 07/28/2009 - 12:59

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Student loans in default will generally dont send bills.

Are you the cosignor?? Is this a private loan?

Sub: #23 posted on Tue, 07/28/2009 - 14:43

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Quote:
don't listen to these people they work for the loan company don't pay it wait till they sue you get a lawyer the case will get dropped !they don't want you to know this. if your credits jacked up paying them wont fix your credit most student loan companies sell of to junk debt collectors and getting removed is almost impossible


Another troll. A...student loans are NEVER sold to junk debt buyers or collectors. B....with student loans an attorney will be able to little to nothing except cost the borrower money. And they student loan attorneys NEVER drop the case. Why? The case is a win win situation for the lender. The borrower/cosignor signs a promissory note agreeing to the terms including "balance in full one demand".

Sub: #24 posted on Fri, 09/04/2009 - 00:55

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My divorce decree states that my ex husband is responsible for paying for his own educational loans. We lived in a community property state while he was in school and I am a cosigner. The larger of the two loans is a private loan and is on a graduated repayment plan that doubles next month. To protect my own credit, I agreed to have the payment deducted from my bank account each month. He isn't paying his student loans or his child support and this is costing me a lot more than I can afford to spend. If I stop paying and am served with a lawsuit, can I respond with a copy of my divorce decree and his location and have them go after him or am I stuck paying for his debts?

Sub: #25 posted on Mon, 10/26/2009 - 01:10

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Nope. The divorce decree means nothing to the student loan holder. You can however take your ex to court yourself and sue him for non payment.

Sub: #26 posted on Mon, 10/26/2009 - 01:20

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My husband co-signed 3 student loans for his (wife at the time). She travelled with the money and with another man. They divorced. She has other student loans that he's not on. She left my husband for the teacher at the school she ended up at. She will not pay her debts nor honor to have the school loans put in her name and not hold him liable for the debt as stated in their divorce. The amount is approxiametly $85,000. Please help! What recourse do we have?

Sub: #27 posted on Thu, 12/03/2009 - 09:13

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Your husband will have to haul her back to court for not honoring the divorce agreement.

She cannot have them put in her own name...that wont happen. But the judge will make her pay them. Otherwize your husband will be held liable.

Sub: #28 posted on Thu, 12/03/2009 - 09:30

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Several years before we were married my wife cosigned a student loan for her brother. He has recently gone into default and the collections people are calling.

As her current husband will I get dragged into this?

Sub: #29 posted on Wed, 12/23/2009 - 11:23

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Probably not. You were party to the debt of your own free will.

Sub: #30 posted on Wed, 12/23/2009 - 14:53

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