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I cosigned Sallie Mae student loan and now they are coming after me. – John

By on January 5, 2012
I cosigned Sallie Mae student loan and now they are coming after me. – John

I cosigned student loans for my son for 3 years. He went for a loan for his senior year of college and they refused because it was up to $100,000,00. He had to quit ollege and they immediately made him start repaying back. (this is a Sallie Mae Loan). He cannot pay it and now they are coming after me to pay because I am a cosigner. I cannot pay because of my income.. His mother passed away when he was 13 years old and all I wanted was for him to go to college and get a good job. Now he works at a fast food place as a cook. When he was in high school no one told me about FAFSA, which I understand he could have gotten a lot of “free” money because of a deceased parent. Is there anything I can do about this mess or get out of it. We are both very distressed over this situation.

Thank you in advance for any advice you can give me…John

READ  Am I Doomed as a Student Loan Cosigner?

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3 Comments

  1. nell

    September 17, 2012 at 8:50 pm

    must salimae notify the co signer before moving a debt to default?

  2. Steve Rhode

    January 5, 2012 at 11:21 am

    Unfortunately when you cosign you are signing as a responsible party in case the other party defaults. The reason a lender requires a cosigner is so they have someone to go after.

    Sallie Mae or any private student loan is the worst type of student loan with few options.

    What I would suggest doing is contacting Sallie Mae and ask them what repayment options they may have available. Don’t expect much. Ask about the Income Based Repayment plan. They may say this is not available for this type of loan but it does not hurt to ask.

    Steve

  3. Steve Rhode

    January 5, 2012 at 11:21 am

    Unfortunately when you cosign you are signing as a responsible party in case the other party defaults. The reason a lender requires a cosigner is so they have someone to go after.

    Sallie Mae or any private student loan is the worst type of student loan with few options.

    What I would suggest doing is contacting Sallie Mae and ask them what repayment options they may have available. Don’t expect much. Ask about the Income Based Repayment plan. They may say this is not available for this type of loan but it does not hurt to ask.

    Steve

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