Student Loans

[sunnyday]

I understand that it is my responsibility because I co-signed.  What I meant when I said it was not even my debt is that I did not go to college and create the debt.  I do understand that when I agreed to co-sign that I agreed to assume the debt. 

[spooky]

I am in the exact same boat except that its our daughter. Her payment is 800 mo. 14% on a 60K private st loans with SM, she ( my daughter) is working 2 jobs, it's burning an ulcer in her gut, she would die first, but now she , even with two jobs cant pay her half of the loan (we split it) and we cant hardly either! so 400.00 amonth . So- here I am frantically trying to find a lender . We have a fico score of 665/668/665 ( theses are the high ones, we hope this week to be able to get a loan for at least the 40K loan or both (20K is the other) from Chase , has anyone here tried with Chase? How is Wells Fargo?Anyone recommend one bank over another, today outside of the st. loans, we are only having tiny balances on our 2 credit cards and a mtg(we are always on time)so now I am scarred to death that the banks will freak at how much the loans are for and have a policy of not helping those of us with SM ?  Please anyone tried with Chase ? Any good places to go to refi these? Sallae Mae isnt  doing refi's now- so help - anyone?? Spooky

[sunnyday]

Spooky,Did you try with Chase yet?  If so, how did it go?  I need to get my son's student loans reconsolidated and out of my name. 

[spooky]

Sunnyday, I looked at chase , they only do loans up to 25K, I need 40K . Yesterday I was advised to go to Wells Fargo. I never actually tried or evn spoke to anyone at Chase. Perhaps they have a special program just for these St. loans. I am going to keep investigating, but we decided to first buy a better car( not a shiny new thing, just a better car first) then were going to apply for the big loan later after my score rebounds from the auto purchase. Let me know if you find a source, and  will post one if I find one too. Spooky

[lucyanne]

please im in the same situation contact me asap need my to where is that fine prints you were saying

[llecs]

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lucyanne wrote:
please im in the same situation contact me asap need my to where is that fine prints you were saying

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Welcome to the forums! OP hasn't been on myFICO since last July. I think the "fine print" he or she is referring to is the terms and conditions agreed to when signing the loan docs.

[anythingispossible09]

Excellent Post!!!!  In addition to being the guarantor of the loan, the loan also counts against your DTI, if you ever want to buy a house. 

[ducky3]

I agree.   Never ever sign for anyone else!  I signed for a dear friend on a 3,000 dollar student loan.  I thought that because she was in school still that when the creditors AES, had a collection agency call that I was safe because she was in school still.  NOT SO!!!!  She was 60 days late and it dropped my score almost 100 points.  OMG I was devastated!   I had to pay off all my credit cards with my small inheritance to raise my score back up.  Glad to be out of debt but will never sign for anyone again!!!!

[ducky3]

Also, if you get married NEVER CONSOLIDATE YOUR LOANS WITH YOUR SPOUSE, if something happens to one of you then the other is responsible for the loan if consolidated together.  If you don't add your name to the others loans, they go away when that spouse passes.

[ts9d1ha]

My nephew asked me to sign for student loan back in 2007. I trusted him.  He just stop paying in 2009 and I didn't know he was 60 days past due until I received a letter from SALLIE MAE advising me they had reported me to credit bureau.  I couldn't breathe.  I pay my bills.  I'm not going fight with my nephew. I just pay ever month now.  Since payment were missed does this mean I can no,longer remove my name from the loan after 24 consecutive on time payments?  It's only 15k.  I just feel so stupid and used.  I avoid thanksgiving and christmas last year with my family because he would be there. I don't want to hurt his mother who is my sister.