User Panel
User Panel
User Panel
|
Posted: 2/20/2016 3:59:35 AM EDT
[#1]
You're on the hook if he doesn't pay. That's how co-signing works.
My mom is the co-signer on my student loans, and I'll be damned if I ever let them default. Might be time for a good ol' fashioned ass-whoopin' and some serious 'put-into-perspective' talks. IMHO. Doesn't sound like he's very responsible. Yes, eventually, they will take your money. |
|
|
|
Posted: 2/20/2016 9:23:04 AM EDT
[#2]
Not a fucking chance I'm gonna let my kids dig themselves into a hole on student loans. They need to be studying nuclear science or medicine to do something like that. And I sure as hell am not going to co-sign for it.
There mom has no clue. Thinks that I should be already to pile up $100k in debt to put the kids through school at a time in my life when I'm thinking about retirement. Not that my ex is going to have a pot to piss in by the time these bills start coming in. |
|
|
|
Posted: 2/20/2016 9:22:06 PM EDT
[#3]
Quoted:
My son is past due on his notes and it falls on me to pay, cosigner, I'm curious. If we both don't pay and they go for garnishing wages and income tax refunds do they get both parties equally or the primary first? Of course we won't let it get to this, we've already bailed him out before and want to trade in our car later so we'll make sure we're GTG but just curious if both parties don't pay how does this work? They will go after whoever has money, whether that is you, your son, or both. The easiest way to ensure that they don't take your income tax refund is to not have one, but the IRS can (and will) still levy bank accounts. |
|
|
|
Posted: 2/22/2016 2:52:35 PM EDT
[#4]
As a former debt collector, they can and mtake your money because you co-signed. If they are .gov loans then you waived a lot of your rights away when you signed for them. If they are private loans, you have a few more rights. My employer had a policy restricting us to garnishing the wages of only one person on the note, although I have heard the vast majority have no such rule. Garnishment of bank accounts was another story.
That being said though, keep in contact with the servicer, let them know your plans for repayment, and follow through! I can't tell you how many people we sued because they were late and simply would not return our calls, emails, and letters. |
|
|
|
Posted: 2/25/2016 1:07:36 AM EDT
[#5]
Have you or your son called up the loan servicing company to ask for forbearance or a lower payment? If its federal loans, they really don't want you in collections and will work with you to some degree. The trick is you must contact them before defaulting.
If its a longer term issue like job loss or no direction in life, being enrolled part time at a community college puts the payments on hold and there might be fee waivers, and if the loans are subsidized the interest clock stops ticking. There probably are even online classes that can be taken. Just some thoughts from somebody who long ago dropped out of college and hit a rough patch. |
|
|
|
Posted: 2/25/2016 1:19:30 AM EDT
[#6]
Quote HistoryQuoted:
Not a fucking chance I'm gonna let my kids dig themselves into a hole on student loans. They need to be studying nuclear science or medicine to do something like that. And I sure as hell am not going to co-sign for it. There mom has no clue. Thinks that I should be already to pile up $100k in debt to put the kids through school at a time in my life when I'm thinking about retirement. Not that my ex is going to have a pot to piss in by the time these bills start coming in. I wonder if your kid's mom is related to my kid's mom. Exact same story, down to the not having a pot to piss in. If mom has her way, my kid would be taking gimme undergraduate courses at a 70K/year university, with student loans paying the way. Luckily, I've talked to my kid for years about college and cost, and she has a feasible plan for college that includes politely ignoring anything her mother has to say about the matter. |
|
|
|
Posted: 3/2/2016 4:04:41 PM EDT
[#7]
The system is set up to give the colleges money and prop them up.
If you are going to 'borrow' money the economic return becomes an issue. I had to find someone to provide money for my PhD project in Electrical Engineering. I understood this going in. Life is hard. It is even harder if you are st*pid. I made a LOT of money. |
|
|
|
Posted: 3/6/2016 1:47:31 AM EDT
[#8]
Take a cash advance on a CC and use that unsecured debt to pay off the student loans.
|
|
|
|
Posted: 3/9/2016 1:39:12 AM EDT
[#9]
Quote HistoryQuoted:
Take a cash advance on a CC and use that unsecured debt to pay off the student loans. 
|
|
|
|
Posted: 3/10/2016 12:46:50 PM EDT
[#10]
Quote HistoryQuoted:
Take a cash advance on a CC and use that unsecured debt to pay off the student loans. ..... {insert WTF image macro here} that only works if you (illegally?) intentionally plan to bankrupt the unsecured debt. The feds have stacked the deck on student loans, they are a can't-lose proposition for the lender, and the borrower/cosigner really can't get out from under them. |
|
|
|
Posted: 3/11/2016 10:13:05 PM EDT
[#11]
Does he have at least a bachelor degree?
|
|
|
|
Posted: 3/20/2016 7:50:06 AM EDT
[#12]
My ex-wife took out a student loan for $1200.00 back in 1994 with the goal of becoming a nurse starting out by becoming a nurses aide at a technical school. We divorced a few years later and it seems I was listed as a reference on her application.
She called me a few years ago whining about her tax refund getting seized because of her loan and wanting money. I told her no. I got a phone call two months ago from a collector trying to track her down stating that her current debt with interest was close to 20k. I think I got my point across for them to never call me again in reference to her. The child we had together is now twenty years old and I have absolutely no reason to ever talk to her again and could care less where she is. As soon as I hung up, I blocked the number and haven't heard from them since. |
|
|
|
Posted: 3/29/2016 2:42:42 AM EDT
[#13]
Quote HistoryQuoted:
..... {insert WTF image macro here} that only works if you (illegally?) intentionally plan to bankrupt the unsecured debt. The feds have stacked the deck on student loans, they are a can't-lose proposition for the lender, and the borrower/cosigner really can't get out from under them. Quote HistoryQuoted:
Quoted:
Take a cash advance on a CC and use that unsecured debt to pay off the student loans. ..... {insert WTF image macro here} that only works if you (illegally?) intentionally plan to bankrupt the unsecured debt. The feds have stacked the deck on student loans, they are a can't-lose proposition for the lender, and the borrower/cosigner really can't get out from under them. Who would do that intentionally? It just seems the smart strategic move for better debt management. Always put yourself in the best position you can, right? |
|
|
|
Posted: 4/2/2016 4:03:00 PM EDT
[#14]
Quote HistoryQuoted:
Who would do that intentionally? It just seems the smart strategic move for better debt management. Always put yourself in the best position you can, right? Quote HistoryQuoted:
Quoted:
Quoted:
Take a cash advance on a CC and use that unsecured debt to pay off the student loans. ..... {insert WTF image macro here} that only works if you (illegally?) intentionally plan to bankrupt the unsecured debt. The feds have stacked the deck on student loans, they are a can't-lose proposition for the lender, and the borrower/cosigner really can't get out from under them. Who would do that intentionally? It just seems the smart strategic move for better debt management. Always put yourself in the best position you can, right? Since when does "better debt management" include converting your debt to a higher interest rate, UNLESS you are setting up to not pay it off in the end? Mike |
|
|
|
Posted: 4/2/2016 4:30:16 PM EDT
[#15]
Quote HistoryQuoted:
My ex-wife took out a student loan for $1200.00 back in 1994 with the goal of becoming a nurse starting out by becoming a nurses aide at a technical school. We divorced a few years later and it seems I was listed as a reference on her application. She called me a few years ago whining about her tax refund getting seized because of her loan and wanting money. I told her no. I got a phone call two months ago from a collector trying to track her down stating that her current debt with interest was close to 20k. I think I got my point across for them to never call me again in reference to her. The child we had together is now twenty years old and I have absolutely no reason to ever talk to her again and could care less where she is. As soon as I hung up, I blocked the number and haven't heard from them since. Are you saying her $1,200 student loan became 20K over the course of 20 years? |
|
|
|
Posted: 4/2/2016 4:37:58 PM EDT
[#16]
Quote HistoryQuoted:
Are you saying her $1,200 student loan became 20K over the course of 20 years? Quote HistoryQuoted:
Quoted:
My ex-wife took out a student loan for $1200.00 back in 1994 with the goal of becoming a nurse starting out by becoming a nurses aide at a technical school. We divorced a few years later and it seems I was listed as a reference on her application. She called me a few years ago whining about her tax refund getting seized because of her loan and wanting money. I told her no. I got a phone call two months ago from a collector trying to track her down stating that her current debt with interest was close to 20k. I think I got my point across for them to never call me again in reference to her. The child we had together is now twenty years old and I have absolutely no reason to ever talk to her again and could care less where she is. As soon as I hung up, I blocked the number and haven't heard from them since. Are you saying her $1,200 student loan became 20K over the course of 20 years? I'm guessing she actually went to nursing school after cna classes in that 20 years |
|
|
|
Posted: 4/12/2016 10:35:16 AM EDT
[#17]
Quote HistoryQuoted:
Are you saying her $1,200 student loan became 20K over the course of 20 years? Quote HistoryQuoted:
Quoted:
My ex-wife took out a student loan for $1200.00 back in 1994 with the goal of becoming a nurse starting out by becoming a nurses aide at a technical school. We divorced a few years later and it seems I was listed as a reference on her application. She called me a few years ago whining about her tax refund getting seized because of her loan and wanting money. I told her no. I got a phone call two months ago from a collector trying to track her down stating that her current debt with interest was close to 20k. I think I got my point across for them to never call me again in reference to her. The child we had together is now twenty years old and I have absolutely no reason to ever talk to her again and could care less where she is. As soon as I hung up, I blocked the number and haven't heard from them since. Are you saying her $1,200 student loan became 20K over the course of 20 years? That'd be about 14% interest on the original $1,200 if no payments were made. I'd bet there were some non-payment penalties tacked on over the years. |
|
|
|
Posted: 4/21/2016 5:07:39 PM EDT
[#18]
I co-signed for my dad on some student loans.
He passed away and they tried to come after me. Claimed he defaulted. Uhhh duh he died.. I turned them to the estate. The judge after months of legitation ruled in my favor and they filed on the estate. Thing is they didnt file on the estate in a timely manner so the estate had already paid everything out and split the rest between the kids and my mom. They tried to drag me back to court again, the new judge dismissed after I sent paperwork of the initial discharge case. They continue to harass me on my phone. I finally blocked the numbers and locked my credit. I have a counter-sue case in the works after they dinged my credit after the dismissal. Screwed my new house loan up. I say all of that to say this... Its a shit show if he defaults. So kick his ass and make him pay. Work out an extended payment period. Pay on the interest, do something to keep it from defaulting. And it doesnt matter who is the primary. They will ding whoever they want for the amount the judge agrees to. That may be you 100% or him partially. They will get their money how ever they can. |
|
|
|
Posted: 4/22/2016 9:42:21 PM EDT
[#19]
Quote HistoryQuoted:
I co-signed for my dad on some student loans.He passed away and they tried to come after me. Claimed he defaulted. Uhhh duh he died.. I turned them to the estate. The judge after months of legitation ruled in my favor and they filed on the estate. Thing is they didnt file on the estate in a timely manner so the estate had already paid everything out and split the rest between the kids and my mom. They tried to drag me back to court again, the new judge dismissed after I sent paperwork of the initial discharge case. They continue to harass me on my phone. I finally blocked the numbers and locked my credit. I have a counter-sue case in the works after they dinged my credit after the dismissal. Screwed my new house loan up. I say all of that to say this... Its a shit show if he defaults. So kick his ass and make him pay. Work out an extended payment period. Pay on the interest, do something to keep it from defaulting. And it doesnt matter who is the primary. They will ding whoever they want for the amount the judge agrees to. That may be you 100% or him partially. They will get their money how ever they can. Co-sign on a loan (stupid move). Take out a life insurance policy on them for the amount of the loan. OP. I quote Major Payne "pop your titty out his mouth and let the boy grow up". |
|
|
|
Posted: 4/29/2016 11:20:12 AM EDT
[#20]
How much is your sons loan or loans for? Go to the bank and let him take a personal loan out in his name to pay off the student loans.
|
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
