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  1. #1
    Join Date
    May 2013
    Posts
    1

    Default What Can Cosigners Do if Student Loan Borrowers Can't Afford Their Payments

    We made the mistake of cosigning multiple student loans for our twins over the years. They never graduated but have still accumulated about $100,000 of debt each. I have painfully been paying over $1000 a month just in interest to satisfy the loans until they completed school. The payback period begins in 1 month & so far the notices we've received are over $1200 a month per student. We are panicked to say the least. There are both federal & private loans & every different type imaginable. The Art Institute had a way of keeping the year round schooling & funding so seemingly random & confusing that we became totally lost & just assumed it would all work out as they said.

    The twins will try to make payments, but don't have the incomes to pay much on the debt & we certainly can't pay $2400 a month. We are close to retirement age, but are working lots of overtime just to cover these bills.

    Wondering if any of the pay per income options could work for the twins or is it based on our income as well? We are really lost on where to start & the differences will all the loans.
    Any advice is greatly appreciated.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: What Can Cosigners Do if Student Loan Borrowers Can't Afford Their Payments

    Your children will need to investigate their options for repaying their loans, and any programs for which they might qualify.

    Your income as co-signers should be irrelevant to their qualification for any programs.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: What Can Cosigners Do if Student Loan Borrowers Can't Afford Their Payments

    Having 2 children who can proficiently draw pictures is not much to show for a quarter of a million dollars. You are in a situation where you reap what you sew. I suggest you forget the idea of retirement, until these debts are under control.

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