Skip to main content
index page

Private Student Loan

Submitted by on Tue, 07/17/2012 - 22:16
Posts: 202330
Credits:
[Donate]

I'm a 68 yr. old Senior on Social Security. In 2008 I cosigned a private student loan for my grandson, who said he'd pay it. Well he left me hanging and I have been paying the interest payments on it since Nov. of 2009. The loan amount is 31,000. I have not been able to reach him, nor do I know where he lives. He has not paid a penny towards that loan. My only source of income is my SS. My interest payments are 250.00 a month. I'm having difficulty making ends meet. I've been having to charge medication, food, and other necessities. I'm at a point where the balance on those cards are getting too high for me to pay. Sallie Mae told me if I paid the interest and principle for two yrs., I could request to be taken off the loan. Of course, that is impossible as I wouldn't be able to buy groceries. So far I have paid 8,000.00 in interest payments. I'm getting nowhere and need help. Do I have any options?


Option 1: Find your grandson and sue him. Get a hold of his parents and find out where he is. Or just file the case and let him bear the brunt.

Option 2: Since its not a federal loan, they can't garnish your SS benefits so you are in somewhat of a less critical situation. In case they decide to sue, they will place a lien on your assets. Let the collectors find your grandson. I know they can if he appears anywhere on the grid.


Submitted by on Wed, 07/18/2012 - 02:47

( Posts: 202330 | Credits: )