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Asked 520 days ago by a user from Hollywood, FL
Please advise on a student loan that I co-signed for and the student defaulted. I am not related to the person, I was trying to help out a young person. the loan is now in a collection agency hands. they have been calling me on a daily basis. I will be 65 yrs old and receive a pension and social securrity. I also own my home and some $$ in the bank. what are my options in clearing my name from this loan. the student graduated and is is now working partime due to lack of work opportunities. please advise what options do I have. thanks.
Co-signing a loan makes you as responsible as the person for whom the loan is intended. Your options are the same as if the loan was your loan. If you want to keep your credit intact you may want to make the minimum payments until the borrower starts to earn more money. You can then take him/her to court to recoup your loss. Of course, if they do not have the money then this will do you no good.
Student loan debt is also not dischargable through bankruptcy, but I am not ceratin if this changes if you are a co-signer (something you may want to look into).
If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient. I will not be notified if you respond through this format so I would advise emailing me directly if you care to respond.
DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.