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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!




Only federal loans are eligible for medical discharge.

Sub: #11 posted on Mon, 07/06/2009 - 02:30

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I am co-executor of a friend who died. She co-signed about $130,000.00 worth of loans for a relative. He is no longer in school and the loans are in collections. We just found out about these, but her estate is closed. By law can I be heald responsible?

Sub: #12 posted on Thu, 08/20/2009 - 17:00

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You are not responsible for the debt.

Sub: #13 posted on Thu, 08/20/2009 - 18:24

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I have been trying to contact National Collegiate Trust for a loan I co-signed, but the 212-551-1470 phone number has been disconnected. Does anyone have a current phone number for them? Our original loan was with them, and has been turned over to a collection agency. I would like to talk to National Collegiate Trust, as they originated the loan. The collection agency won't help...they say I have to find a way to contact them on my own. PLEASE help if you can.

Sub: #14 posted on Mon, 01/11/2010 - 17:15

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Not finding much info on them except that AES and PHEAA services for them. However, in most cases when a loan is in default, the OC or the originator will not talk to you anyways...they are paying a CA to collect from you and any and all questions should go thru them.

Sub: #15 posted on Tue, 01/19/2010 - 14:32

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I have one of their statement's in my hands ...National Collegiate Trust goes under "American Education Services" 1-800-233-0557 7:30 am to 9:00 pm EST ........ www.aesSuccess.org Hope this is useful !!

Sub: #16 posted on Thu, 02/25/2010 - 15:20

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If you are in default, the guarantor will not talk with you. You will both need to deal directly with the collection agency handling the account. Your guarantor has contracted with them.

Sub: #17 posted on Thu, 02/25/2010 - 15:31

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Nct number 800-214-9320

Sub: #18 posted on Fri, 04/02/2010 - 06:25

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Greetings everyone!
Thank you for having this forum guys.
Anyway, a friend of mine went back to her home country. She was promised a scholarship but got a co signer loan instead. Economy is pretty bad where she is now and she is not able to pay it back anymore. However, a guy who cosigned her loan was the one who promised the scholarship. She was making the payments regularly up until now. What is there for her to do now, since she has NO MONEY? Sallie Mae is where she got the loan from.

Thanks!

Sub: #19 posted on Mon, 04/12/2010 - 11:29

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Is the cosignor in the US? He will get nailed for the loan first.

Sounds like a big scam to me....individuals do not promise scholarships....schools do.

Sub: #20 posted on Mon, 04/12/2010 - 11:56

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