[friggy31]

This is a long story that I am going to try to keep brief.

Basically approx 4 years ago I entered my undergraduate school where I accumulated approx 115k in private loans to pay for my education. During my attendance and during part of my first year of medical school(up until about a month ago) I was under the assumption that the loans were in my parents name. I had been told by my father and mother that my undergraduate education was solely their responsibility, I would have no part in paying them back and that my responsibility was to work hard for a med school acceptance and then pay for medical school myself when the time came. Well I am there now and following my first credit score check I find that I am a 3rd signer on the student loans with my father and 78 y/o grandmother as the primary guaranteers for the loans. My grandmother has no means to pay for these if they come after her and I also fear for her financial stability. Furthermore I find that these loans are in default and they are in a collection agency (no idea this had happened either). This of course shoots my credit to hell and to make it more complicated my parents are now getting a divorce due to my fathers alcohol and drug abuse. He is on disability and I am a little stuck.

At the times that the loans were taken out my father was making a substantial income >150k, while my mother made <25k. I have no idea how to handle the situation, and the only advice that my financial aid officers here at school can give me is to defer as much as possible and to get my father to agree to pay off these loans in the divorce settlement. Then hopefully I could have a legal note put into the credit bureaus to explain any issues that might hurt me in the future (say getting a car/apartment during residency)

So now to my questions:
1.) Does anyone have any advice about how to get my credit back up, right now it is ridiculously bad.
2.) Can I get my name off these loans, I chose my undergraduate school, with the understanding that I would be taking on 200k in debt (which I knew I would pay for) to pay for medical school largely based on the fact that my father had guaranteed to handle paying for school. Like I said I had no idea I was even on the loans until just a few weeks ago.
3.) Does the divorce plan sound like it could work?

ANYTHING that could maybe give me some direction would be greatly appreciated. Thanks.

[moburkes]

You cannot get your names off these loans. Your only option that I see is bankruptcy, since they are private loans. However, your BK won't help your grandmother or your father.

I don't understand why you didn't realize that you were a borrower when you signed the loan papers. When my mom took out a loan for my senior year, I didn't sign a thing - because it wasn't my loan.

[friggy31]

From speaking with MEFA/ACS now, the people the loans were through, the student is put onto the loans as standard practice.

As for not realizing that I was on the loans it was being young and stupid, when your parents tell you they need some paperwork signed for school, and that it won't affect you, you tend to believe them. Having had no experience or involvement in the loan and financial aid process for undergrad, when I was told that the loans were not in my name I took trusted them and did whatever seemed to be required.

Trust me I am frustrated as hell about the fact that I didn't research everything I possibly could have before doing this. Has changed many of my common practices.