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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!




See if you can renegotiate terms and explain situation, try and get help or work to make minimum payments

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Sub: #61 posted on Thu, 04/07/2011 - 07:51

jmilway jmilway

(Posts: 3 | Credits: )

Obviously you do not understand student loans....you cannot negotiate terms....and minimum payments will get you sued.

Sub: #62 posted on Thu, 04/07/2011 - 19:00

SOAPLADY SOAPLADY
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Just keep paying AES and not give the collection agencies a dime. Pay what you can...let them sue and then when you go into court be civil pleasant and explain your side to the judge. It is very simple.

Sub: #63 posted on Tue, 04/12/2011 - 15:56

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Guess what...AES sends the payment to the CA as a pay direct. When they call you to court, the guarantor has your signature on the prom note, agreeing to pay the balance in full on demand in the event of default. Unless you have the money to cough up, they get their judgment.

Sub: #64 posted on Tue, 04/12/2011 - 17:58

SOAPLADY SOAPLADY
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My fiance is dealing with NCT as well. I think she has a civil claim as to misleading and fraudulent representations with this company in respect to promises and assurances made when she first signed the student loan.

The system is extremely stacked against the student however. Regardless of whatever legal protections NCT and others like them enjoy, it doesn't change the fact that they are extremely unethical and predatory. They rely and take advantage of ill-informed and inexperienced students and then game an unbelievably unbalanced legal and collections system for student loans.

Do *NOT* deal with them under any circumstances. There are significantly better alternatives available. Only in the US do you have such an institutionalization of bloodsucking greedy conglomerates preying on naive students just trying to get an education. It is a disgrace.

Sub: #65 posted on Fri, 04/29/2011 - 10:36

Unregistered


Quote:
My fiance is dealing with NCT as well. I think she has a civil claim as to misleading and fraudulent representations with this company in respect to promises and assurances made when she first signed the student loan.


Neither NCT nor any lender makes any representations or promises...they are simply the lender. Sounds like you have a beef against the school...the lender would not be a party to that type of complaint.

Did your finance read what she was signing? Investigate all claims made by the school?

Sub: #66 posted on Fri, 04/29/2011 - 16:51

SOAPLADY SOAPLADY
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If a cosigner files bankruptcy will they still be held resposnsible for AES/NCT private student loans? Or are they relieved from the debt?

Sub: #67 posted on Thu, 06/09/2011 - 18:18

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Student loans, including private loans, are non dischargable in bankruptcy.

Sub: #68 posted on Thu, 06/09/2011 - 19:23

SOAPLADY SOAPLADY
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worldlawdebt.com is a credit counseling service that claims they can get AES to accept a settlement offer, is this even possible? Have you ever heard of AES settling with anyone through a debt relief service? I tried to do some research on worldlawdebt.com and I cant find anything out about them!

Sub: #69 posted on Thu, 06/09/2011 - 22:39

Unregistered


You can settle yourself...why on earth would you pay a company to do it for you??? It is not rocket science.

Sub: #70 posted on Sat, 06/11/2011 - 16:57

SOAPLADY SOAPLADY
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