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re: Today's issue of personal responsibility: student loans
Posted on 7/29/14 at 10:02 am to Rickety Cricket
Posted on 7/29/14 at 10:02 am to Rickety Cricket
quote:
he has little to no recourse. He called each lender to explain his situation and beg for help, and while they sympathized with him, they told him they weren't required to do anything. And they're right: private lenders aren't bound by any federal requirements to help borrowers -- or co-signers -- facing financial hardship, even when it's a parent whose child has passed away, says Deanne Loonin, an attorney at the National Consumer Law Center. Any loan forgiveness is up to the discretion of an individual lender.
That is pretty cut and dry ... and is fair.
Sorry ... but if the parents co-signed ... then they are on the hook.
I'm sure neither the daughter or the parents were complaining when they needed and got the loan.
2
Posted on 7/29/14 at 10:22 am to navy
How much would a simple 100K term life policy for a person in their 20s cost?
Posted on 7/29/14 at 1:02 pm to navy
quote:
That is pretty cut and dry ... and is fair.
Sorry ... but if the parents co-signed ... then they are on the hook.
Sadly this is true. His only option now is personal bankruptcy and see if the courts will discharge the debt.
Dave Ramsey (among others) warns people NEVER to co-sign for someone else's loan no matter what.
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