I cosigned on my sons Sallie Mae loan. It took more than 2 years of calling them weekly to get any paperwork on the agreement of this loan as his payments were 991.00 a month.
He wasn’t paying them so I was paying what I could $660.00 a month only to have them call me 11 times a day.
My youngest is epileptic and was having 8 seizures a day. I was a single mother of 4 receiving little to no child support.
I would call and beg for them to help me out to no avail.
My daughter ended up having a partial lobectomy in 2006. I had to claim bankruptcy in 2007 and was told this loan couldn’t be claimed. I kept paying what I could to try to keep my credit score in the mend. After years of asking for help they finally put me on a hardship plan. I recently applied for a loan to help pay for my daughters wedding….two of them are now engaged. I was approved at a 36.7 interest rate…!!! This loan is to be paid off in 2040….I’ll be 80 something.
I’ve paid 57,000 on a 33,000 loan. By the time it’s paid off I will have paid 210,330.00 Ridiculous!!! I’ve stopped paying on this loan and will just wait for them to call me 11 times a day…
It’s not clear if these were private or federal student loans since Sallie Mae serviced both. Perhaps you can comment below to give me some more information.
The underlying issue is as a cosigner, you are ultimately responsible for the repayment on this debt if the borrower does not pay.
If the loans are now in default, you might want to learn more about settling them. See This is How You Can Settle Your Navient Student Loan.
If these were federal loans, you should read The Ultimate Guide to Dealing With Student Loans You Can’t Afford to learn about some federal repayment options to bring the loans out of default.