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  1. #1
    Join Date
    Apr 2009
    Posts
    2

    Default Son Defaulting on Student Loan - Dad is Co-Signer

    My question involves collection proceedings in the State of: IL

    My husbands son obtained 5 student loans; 3 Sallie Mae, 1 FFELP and 1 Parent Plus. He dropped out of college because he was flunking some of his classes. He then decided to go to another school (where he applied for the parent plus loan, totally in his dad's name, which we didn't realize) & only attended that school for about a month then quit. My husband has been making the payments on the PP loan but has to hound the kid every month to repay him. Now the deferment time is up on the other loans & since he hasn't made one payment they are calling them all due NOW. To the tune of $880/mo. Sallie Mae is now calling my husband wanting payment. Is there any way my husband can legally get out of this? The kid refuses to accept or return our calls or Sallie Mae's. Personally I'd rather just run over the kid with a semi but he's not worth going to jail over. My husband has a bad heart and is on Railroad Disability. I'm so worried he will have a heart attack worrying about this. Any advice/information would be greatly appreciated.

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

    Default Re: Son Defaulting on Student Loan - Dad is Co-Signer

    I'm sorry that junior is such a deadbeat, but no - the purpose of a cosigner is to pay the creditor when the primary borrower fails to do so, and they're not going to let him off the hook.

    If his only income is railroad disability, he may be pretty safe from collections actions by the lenders. Of course, he may have other assets they can reach.

  3. #3
    Join Date
    Nov 2008
    Posts
    10

    Default Re: Son Defaulting on Student Loan - Dad is Co-Signer

    If your husband is on 100% disabled the parental loan can be written off.
    He can talk to the lender. But there are only two ways out of student loans (bankruptcy is not one). Death and total disability. With disability he will end up filling out a form and having a dr fill it out every 6 months for a couple years before they completely write it off. But they won't do this for the other student loans unless the student who took the loans is the one disabled.


    Good luck!

  4. #4
    Join Date
    Apr 2009
    Posts
    2

    Smile Re: Son Defaulting on Student Loan - Dad is Co-Signer

    Thank you both so very much for replying. At least now we have a glimmer of hope.

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