Reader Questions Sallie Mae

I Co-Signed a Sallie Mae School Tuition Loan for a Friend But They Say They Can’t Pay. – Vincent

Hi, i co-signed a school tuition loan from sallie mae about 10 yrs ago for then a close family friend. I recently applied for an apartment and found out he didnt pay anything and it destroyed my credit. This person has a personal buisness and a BMW and only crys poverty when I beg him to pay his debt. The loan is about $8,000 now and im a recently fired NYC teacher and am struggling and my fiancee left me because of this. I have no savings because i just finished paying off my own tuition.

Im stressed and need help…what can i do? could i claim id theft? could i sue him or his buisness even though its co-signed? Please help me i’m sinking.

Vincent




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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.

2 Comments

  • Unfortunately, you can’t bankrupt a student loan and you can’t plead ID theft, otherwise you would be lying.

    I think it is time to get more direct with this “friend”. I would explain that your credit is ruined because of his lack of responsibility. It seems he is living a little high on the hog while your credit suffers.

    Did you have any sort of agreement with the friend? A novel idea might be to sue him for damages. Not sure it would work, but might get his attention to get the student loan paid.

  • Unfortunately, you can’t bankrupt a student loan and you can’t plead ID theft, otherwise you would be lying.

    I think it is time to get more direct with this “friend”. I would explain that your credit is ruined because of his lack of responsibility. It seems he is living a little high on the hog while your credit suffers.

    Did you have any sort of agreement with the friend? A novel idea might be to sue him for damages. Not sure it would work, but might get his attention to get the student loan paid.

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