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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!




You get the name Richard Frick (or Frik). Sucks.

Sub: #41 posted on Thu, 01/20/2011 - 13:52

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I ment to say that really sucks.

Sub: #42 posted on Thu, 01/20/2011 - 13:54

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My collection agency gave me this number: 866-236-6606. They offered me a deal. The original loan was $9500 and with interest I owe over $12,000. They said they would take $7,500 if I paid them now. It all sounded odd. I am calling NCT tomorrow.

Sub: #43 posted on Thu, 01/27/2011 - 16:48

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Is this a private loan?

Sub: #44 posted on Thu, 01/27/2011 - 19:07

SOAPLADY SOAPLADY
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The number you posted: 866-572-5696 is for a collection agency, not for the National Collegiate Trust.

Sub: #45 posted on Mon, 01/31/2011 - 12:13

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Here is their address: National Collegiate Trust, Prudential Tower, 800 Boylston Street, 39th Floor, Bo0ston MA 02199. They do not take calls. And the co-signer IS responsible for payment. They will go as far as to sue so be careful. It's a damn loan this private loan. I am in the same situation.

Sub: #46 posted on Tue, 02/01/2011 - 06:44

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my mom co signed and she is 80 and haves no money. nephew will not pay. if she file bankruptcy can she get out from under this?

Sub: #47 posted on Fri, 02/04/2011 - 09:51

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Student loans are non dischargeable in bankruptcy.

Sub: #48 posted on Fri, 02/04/2011 - 17:05

SOAPLADY SOAPLADY
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NCT are indeed crooks. i had co signed for a student loan thru chase bank for my brother back in 2000. the loan was then Purchased by AES or NCT. in 2005 I filed chapter 13 bankruptcy, all throughout the bankrupycy the payments on the loan were current.Once the bankruptsy was discharged, and my brother went to make his scheduled payment he was informed that due to the bankruptcy the loan was in default and had been sold to MRS a collection agency. So Long story short I had to pay Off the entire Balance they would not accept payments.I offered them 1000 per mo until it was paid.( thank God it was only 10K) I had to sell my vehicle and finance another one to pay it off. So yes NCT is a Piece of SH_T. I guess before you get a student loan you need to really consider if it is really worth it. Is the money you make from a college education more than the cost of the loans and the years of stress? Lets face it , this is no longer the land of milk and honey, it is the land of people waiting to screw you any way possible.

Sub: #49 posted on Sun, 03/06/2011 - 07:15

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NCT are hardly crooks...this is how all student loan debts function. And just as an FYI, your debt was never sold to any collection agency. Student loans are always retained by the guarantor and assigned to a CA.

Sub: #50 posted on Sun, 03/06/2011 - 10:57

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