Subscribe to our mailing list

X

My Dear Friend Discovered She Co-Signed for a Student Loan She Can’t Afford

By on November 27, 2018

Question:

Dear Steve,

Asking this for a dear friend who co-signed her son’s student loan and now he has defaulted on the loan. She was unaware.

Her son supposedly consolidated other loans but states he “thought” this one was included. Well, it wasn’t.

She is greatly distressed. She can’t get any real answers from her son, and she doesn’t make enough money to make the payments. She’s a very good person who sadly made a very bad mistake.

Does she have any recourse? Is there any way out for her.

Thomas

Answer:

Dear Thomas,

Thank you for being such a good friend and asking for help and advice.

It is not clear if she co-signed for a private student loan or took out a federal Parent PLUS loan for her son.

Typically when people say they consolidated a number of student loans they are federal student loans.

We can get to the bottom of this if you can ask your friend a few questions for me and then post the update in the comments.

In general, if it is a Parent PLUS or a co-signed private student loan, your friend would be responsible for the loan. Period. Any repayment of the loan would be an agreement between the son and your friend. Not the lender.

Sadly, this is a situation I’ve seen over and over. It is horrible.

If you want some more help, just give me a bit more information on the loan.

morehelp1
Choice1 Choice2 Choice3 Big Hug!
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About 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.

3 Comments

  1. Thomas

    November 27, 2018 at 1:50 pm

    Thank you Steve. I will try to get the answers to the questions you asked. Thanks again.

  2. Thomas

    November 27, 2018 at 1:16 pm

    Asked question for friend.

Share a Comment / Leave a Reply

%d bloggers like this: