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?
Sub: #71 posted on Tue, 05/11/2010 - 20:30
Student loans are not dischargeable in bankruptcy.
Sue the parents? Come on...they are not party to the debt. You took on the legal responsiblity and the risks. You cannot sue for your own bad judgement.
Sub: #72 posted on Wed, 05/12/2010 - 03:35
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My parents have taken out approx. $50,000 in my name, then put themselves as the cosigner. I did not have any part in this, they used my name, social security number, electronic signature, etc. The loans were for my schooling, however, I was told when I was in high school that my parents would be paying for my college and they wanted me to go to a certain big school that was very high tuition.
Now, 7 years after my high school graduation, I am married, work a fulltime job and a part time job, and am looking to buy a house. My parents have ceased all communication with me 20 months ago, as they were unhappy that I became engaged. I received a letter yesterday from a CA telling me that my loans have defaulted and I am responsible for the money. I have never received any information from any loan, I do not know any loans amount, I do not have any log in information for any loan websites, I had NO IDEA the loans were not being paid. Now, I am held responsible for a debit that I never chose to have, my information was used as a way to send me to school.
What are my rights? What are the expectations for me? What should I do next? I am in no position to pay these loans back, did not take them on willingly, and would not have gone to college (or at least the one I went to) if the oral agreement between me and my parents was for ME to pay. The agreement was that I would go to college and THEY would pay all loans.
Thank you!!
Sub: #73 posted on Sun, 07/11/2010 - 15:55
Sub: #74 posted on Sun, 07/11/2010 - 17:47
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Sub: #75 posted on Tue, 07/20/2010 - 09:33
Sub: #76 posted on Tue, 07/20/2010 - 20:25
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Sub: #77 posted on Fri, 07/23/2010 - 16:00
Is this a private or federal loan?
Sub: #78 posted on Fri, 07/23/2010 - 16:11
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Sub: #79 posted on Fri, 07/23/2010 - 16:28
We are cosigners on a very large loan of his. Unexpected medical bills (my younger son has had to have major surgery three times in the past 4 years) and loss of my husband's job has taken it's toll and we are also unable to pay the 450/mo payment. Our attorney (we recently filed bankruptcy) told us NH state law makes it almost impossible to garnish wages on private student loans. We have no assets, either. I suppose they could put a lien on our house, but we aren't planning on selling it and it's currently worth about what we owe on it or less. We are happy to pay something, just can't pay 450/month.
Sub: #80 posted on Fri, 07/23/2010 - 16:34