Student Loans

My Son Dumped All His Student Loans in My Lap. What Can I Do Now?

Written by Steve Rhode

Question:

Dear Steve,

My son left me with his student loans. Government loans $97,000 and a (cosigned) private student loan with Discover Student Loans $26,000. It seems I’ve been paying forever and the balance of the loan stays the same or goes up in balance. Discover keeps raising the rates and I will never pay off. I am 56 and need to save for retirement. Please help

Do you have any suggestions to help me out?

Jesse

Answer:

Dear Jesse,

Please post the response to these questions in the comments below so I can assist you.

1. Are the federal student loans Parent Plus loans or are they in his name?
2. What specifically was the Discover private student loan used for? Tell me what school and what year and if the loan was used for school expenses alone.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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