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My Granddaughter Left College Just Months Before Finishing. I Cosigned.

By on May 31, 2016

Question:

Dear Steve,

I cosigned on student loans for my granddaughter. She left school months before graduating and has little or no income-she is living on her own and is not willing to communicate on a regular basis.

She has student loans with both Sallie Mae and Wells Fargo. I know she has no regular job and most likely is suffering from depression. There is pressure to begin to re-pay the loans.

Can you offer advice on this matter? I need help.

Gerald

Answer:

Dear Gerald,

Unfortunately when you co-signed for the loans you guaranteed the repayment. You are responsible for making the payments if she does not. Otherwise it will negatively impact your credit and you could be sued over the debt.

But, it seems to me the best way to deal with the situation is for you to play a role, or even help to pay, for professional mental health treatment to help her deal with her depression. Once she is back to feeling better she should finish her degree since she is so close. Otherwise she will be left with the debt and no benefit from the education investment.

If she can get across the finish line and get her emotional issues under control, then she will have a far better shot at earning enough money to make her student loan payments.

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About 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.

One Comment

  1. Steve Rhode

    May 31, 2016 at 11:14 am

    Gerald, I just answered your question.

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