Private Student Loan Cosigner Relief
Date: Tue, 09/20/2011 - 04:04
I'm trying to help a retired widow who cosigned for her grandson's student loans. The reason she signed (and not the parents) is because the parents were unfit drug addicts and the grandmother was trying to help the grandson to get on the path of a better life.
The grandson graduated from college with a degree in business yet suffers from alcoholism (a remnant of his upbringing from unfit parents). The graduate racked up over $90,000 in private student loans yet is unable to pay since he lives in a halfway house and has no job. The debt collectors are comming after the widow who has a minimal income and a small house. Based on what I read she can't even take bankruptcy due to the way the law treats student loan laws. This poor woman had a perfect credit record before this incident. She is now in the twilight of her years and is being tortured by this.
What advice can you provide to offer relief?
Thank you very much.
The grandson graduated from college with a degree in business yet suffers from alcoholism (a remnant of his upbringing from unfit parents). The graduate racked up over $90,000 in private student loans yet is unable to pay since he lives in a halfway house and has no job. The debt collectors are comming after the widow who has a minimal income and a small house. Based on what I read she can't even take bankruptcy due to the way the law treats student loan laws. This poor woman had a perfect credit record before this incident. She is now in the twilight of her years and is being tortured by this.
What advice can you provide to offer relief?
Thank you very much.
Normally people who live in halfway houses are required to hold
Normally people who live in halfway houses are required to hold down some type of employment or attend school.
Unfortunately she did not make a good decision on cosigning for private loans. Cosigning loans comes with risks and responsibilities....the student could have attended a community college or state university borrowing federal funds instead of private loans.
She and the grandson more than likely will be sued. Her income will be exempt from garnishment but her home will probably be leined.
