My son graduated high school 2002, went off to college at Milwaukee School of engineering. I was making in the low 6 figures and was not living any extravagant lifestyle, so I had no problem co-signing for his student loans. Well after 4 years of going to school and then giving up… he is or I should say we are $100,000.00. Now add a divorce in the mix back in 2007 and loosing everything, plus I owe the exwife $100,000.00. My son has defaulted on the loans and I also have lost my job so I don’t have any money to pay the student loans. Because of the student loans that I was paying I have moved in with my mother to avoid making a house payment.
My question is…. what are my options with the student loans???
No there is a situation that sounds like a country song. (Grin)
Hopefully these are government backed loans. If so the first step should be to call the servicer handling the loans. Give them a call, explain the change in circumstance and post an update in the comments about what they say.
We’ll take it from there.