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I Cosigned for Student Loans for a Friends Son. How Can I Get Out of This? – Pam

“Dear Damon,

Cosigned for student loans for a friend of mine son since then she been laid off and it was more than a yr after the son graduated before he found a job. Sallie Mae has been coming after me hard for this debt, I lost my home in 2010, also filed bankruptcy the same year. The friend is saying they cant afford the amount Sallie Mae wants as monthly payments and when I call they give me little to no information on the account because I’m only the cosigner yet they continue to send me threatening letters demanding full payment. I’m on a fixed income so my ability to pay is quite limited, didnt foresee the loss of job situation when she came to me and asked me to do this.

Is there any way humanly possible to have my name removed from these loans?

Pam”

The Answer

Hello Pam,

Unfortunately there isn’t and this is why cosigning is so bad. Now you have the burden to carry with this and it isn’t fair. So for anyone reading this, do not ever co sign for a loan unless you are fully prepared to pay it in full. If you are not prepared to do that, then you must decline.

Pam, you need to go to your friend and have them step up. You help their son get a loan for education and now they need to be the one to make the sacrifices to make good on the payments. Have your friend look into the Income Based Repayment (IBR) to see if he can qualify for a low enough payment for him to make it. He should be out there mowing lawns and doing side jobs to cover this.

I would start with your friend, and see what happens there first.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com

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Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at DamonDay.com

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