defaulted student loan I cosigned on for my son

[Anonymous]

I cosigned for a student loan for my son about 4 years ago and he lost track of it (don't ask) and now it is in default status and has gotten turned over to this diversifed collection service place. They are wanting all of my financial info as well as my son's to see if we can qualify for some kind of payment plan.

My question is as the cosigner, do I have to give them that info? I make pretty good money and could have kept this from going to collections had my son known about it and told me but I don't make enough to pay the entire thing off nor to make high monthly payments.

Any advice?

I have been reading about people getting their loans out of default status by consolidating. How is this done and can it be done with a loan that is already in collections?

I an trying to prevent any chance of garnishment on mine or my son's wages. (that has not been mentioned yet but from reading other posts here it scares me).

Thanks!

Scared Mom of dumb son

[pizzadude]

Are these loans federally backed loans or private student loans ?  That will make a difference the SOL ( statute of limitations ) which is the period of time that they have to bring legal action against you.

I don't know if you can consolidate/rehab loans that are in collections.

You don't have to give them any information ~ but you are responsible for the debt as a cosigner, so you'll likely have to work something out with them.     They can't attempt to garnish your wages until they have sued you and won a judgement in court.