Co-Signer of a Student Loan

RE: Co-Signer of a Student Loan Post By in the same boat... (Guest Post) (01/21/2008) Yes, most of your responses are correct. I suggest you talk to the lender, tell them your situation. The lender should inform you on what you need to do. Let them know her status, more importantly that she is no longer your dependent, she is employed, and has a spouse who's supporting her as well. Make sure you tell them because it is very important that they know. If you haven't been delinquent in any of your payments then by golly you be able to take your name off! How did I know this? Because I'm in the process of doing the same thing. Good-luck! RE: Co-Signer of a Student Loan Post By (Guest Post) (07/12/2007) I hate to say this, but situations like this one are why I refuse to co sign anything for anyone. If I can't pick up the extra debt myself, I don't believe in risking it. When you co sign that guarantees that you agree to be responsible for the loan if it goes into default. Since your husband is now the one that needs the help, I hope that his daughter steps up to her responsibility. If you call the lender and that doesn't work; you do have the recourse of small claims court to recoup your losses over the years. No one wants to go after loved one, I hate suggesting it. If your daughter loves her dad and understands the situation will not just go away, perhaps she will choose to do what is right. Your husband can give the daughters information to the lender to contact about the loan, and perhaps they will begin going after her rather than him Good luck! tinah RE: Co-Signer of a Student Loan Post by candleglows (56) | (07/12/2007) Profile | Contact I would talk to his daughter and explain the situation with her and if she doesn't start paying it, call the place the loan is from and tell them about it and they will get in touch with her about it since she is also on the loan and in good health.. If she can't pay it for whatever reason tell her to ask for a deferment on the loan till she gets on her feet.. I think you are allowed 3 of those depending on the loan institution.. That should help all of you out if she can get one of those... You are no way liable for that loan cause she is not your daughter and you are on disability and a fixed income now that your hubby is ill... RE: Co-Signer of a Student Loan Post by Sheraone (79) | (07/11/2007) Contact I understand your concern. of course it would be best if your daughter would step in if only to take the heat off your husband. However, as far as disability income is concerned, every state is likely to have different rules but they have to leave you enough to live on. Disability income is pretty meager as it is. They may just decide that his daughter will be easier to go after now. It also might be good to talk to the lender and explain that you have no income at this point and dont know when or if you will have some. Just be a little diligent about your assets. If you have a bunch of money in a bank account, say..although by your story, not so likely--they can get a judgement and take it. I know way more than I want to about loans, lenders and the dirty tricks they use. I have been dealing with similar stuff since I got laid off a year ago and my husband is getting reduced hours. My loans have been sold to collection agencies and I know how to deal with them. If you like, you can contact me. shera RE: Co-Signer of a Student Loan Post by ThriftyFun (3785) | (07/11/2007) Profile | Blog! | Contact Hi Linda, I think you have some good advice here. When you co-sign a loan, you are equally responsible for it whether they are making the payments or not. I would encourage him to talk to his daughter and tell her she is now responsible for the payments and that things will go better if she works out a payment arrangement with the lender. She really should be paying for the loan or she could get a forbearance for a few months until she can make payments. I've looked to see if there is anyway to get out of a co-sign but it appears that there isn't. If he is 100% disabled, he should be able to stop making the payments without garnishment whether he is on SSI or not. Please have him talk to his daughter and put the responsibility where it belongs. She's the one who took out the loan and has the benefit (even though she didn't get her degree) of the education. Susan from ThriftyFun RE: Co-Signer of a Student Loan Post by Cindy S. (112) | (07/11/2007) Profile | Contact As far as I know, if your husband gets on Social Security disability, those checks CANNOT be garnished. RE: Co-Signer of a Student Loan Post by azDana (127) | (07/10/2007) Profile | Blog! | Contact I used to help people with their student loans, but it's been several years, so the following information could be wrong. Please make sure to do a google search to check what I'm saying: If your husband has a disability that developed after he signed for the loan, and the disability is 100 percent, then he may be able stop paying on the loan, depending on the lending agency. Generally speaking, your husband and his daughter are equally responsible for the debt, and the lending agency usually collects from whoever it can find. You or your husband may want to inform the lending agency of the daughter's whereabouts, including her work information. Generally speaking, the lenders don't want to do wage garnishment, and would much rather work with the daughter to set up an affordable payment plan. The last I heard, federal law allows wage garnishments to go through without any sort of a court hearing so its in the daughter's best interest for her to work with the lending agency. But the best and MOST IMPORTANT advice has already been posted: Any time a situation arises with your student loan, the first thing to do is to call the lending agency. Make sure to ask them about the rules about disability, or if you can get lower payments based on income. Good luck, and let us know how it works out. RE: Co-Signer of a Student Loan Post by stevesgal (9) | (07/09/2007) Profile | Contact I am really not sure- but honestly I would have him call the lending company and discuss with them the situation. If she does not pay- he would be held accountable and if anything should happen with her not paying- you would then have to try to take her to court over the matter! Sorry I can't help you out though! Good luck with this and her!