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I decided to try to help my step father out and co-sign his student loans. At the time he was working in a very good job and could afford the payments when they started to occur. But of course with my luck, he was laid off and to this day is still trying to recover from the financial loss he gained from being laid off.

I co-signed three student loans for him, two unsecured loans from COLLEGIATE FUNDING/GLELSI and one student loan from NATIONAL COLLEGIATE TRUST (I am getting the names from my credit report, don't know if that's the actual names of the companies.)

I have come to the realization that the only way I am going to fix my credit is to assist him with the payments of the student loans, but even with our income combined we can't afford the total payments of all the loans as well as all our other bills.

Combined, the loans come out to a total of approx. $68,000 with monthly payments being approx. $750. Does anyone have any tips on what routes we can take in order to rid us of our problem?

Any help would be greatly appreciated. Thanks!

This is why private student loans are dangerous...they have no deferment periods and little to no provisions for hardship. Options?? Other than paying you wont get rid of the problem. Have either of you talked to the lender to see if you can get lower payments?? They might offer you lower payments for a short period...each lender will vary.

Sub: #1 posted on Thu, 01/24/2008 - 06:48

Moderators Cum Industry Expert
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I figured as much, thought I would try to see if I was able to luck out. I'll try to give them a call and see what they can do for us. Thanks for your response!

Sub: #2 posted on Fri, 01/25/2008 - 04:19


hi helpfulson! your effort to help your step father is indeed very commendable! yes, talk to them for lower payments. and tell them that you are willing to pay them back, but you just need some time. if they are not willing to listen, then tell them you are filing for bankruptcy and they won't get anything then! i guess once you tell them this they will come around. what ever you do, DO NOT go on to take another loan to repay this existing loan as this will add to your burden further if you are not able to pay up on time. good luck!

Sub: #3 posted on Fri, 02/15/2008 - 02:30

laurel188 laurel188

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I think the CA is going to know that BK is not really an option...payment would only be delayed.

Sub: #4 posted on Fri, 02/15/2008 - 03:38

Morningstar Morningstar

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Student loans, even private ones are NON dischargable in BK so threatening that is not an option.

Sub: #5 posted on Fri, 02/15/2008 - 04:18

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Hey in kind of the same boat with my sone. Does anyone have a phone number for National Collegiate Trust? They has turned the loan over to collections for being 30 days over and he is still a full time student...HELP email EMAIL REMOVED

Sub: #6 posted on Thu, 05/21/2009 - 12:22


National Collegiate Trust
237 Park Ave Ste 21
New York, NY 10017-0010
Phone: (212) 551-1470

Sub: #7 posted on Thu, 05/21/2009 - 12:39

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My husband has a few student loans out there and about a month ago he was diagnosed with Lou Gherigs Disease. He is completely disabled and has not worked in over a year. Can anything be done about these loans?? I am desperate! Thank you,

Sub: #8 posted on Tue, 06/30/2009 - 16:33


Are these private or federal?

Sub: #9 posted on Tue, 06/30/2009 - 16:35

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In certain medical cases you can get the loans discharged.

You can check out this information here: charge.html#Disability

Sub: #10 posted on Sun, 07/05/2009 - 21:17

Butler Raines Butler Raines

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