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My parents took out a loan while I was still a minor (in high school) preparing for college. They cosigned for the loan in my name and agreed that even though it was in my name that they would pay the balance. Now that I have graduated, my father (who is basically in charge of their finances) is attempting to force me to pay the bill.
While I'm aware of the fact that my name on the loan makes me responsible for it, from my perspective, I was deceived as a minor by my parents into believing that I would not have to pay the debt and therefore it is not my responsibility to do so. Is this sound judgement or am I screwed?
I suggest you to apply for bankruptcy. Student loans are difficult, but not impossible, to discharge in bankruptcy. To do so, you must show that payment of the debt will impose an undue hardship on you and your dependents.Court use Burner test to evaluate wheather a particular borrower has shown an undue hardship.The test requires the following to show that 1)the debtor cannot maintain, based on current income and expenses, a minimal standard of living for the debtor and the debtor’s dependents if forced to repay the student loans.If you can successfully prove undue hardship, your student loan will be completely canceled
Subject: Student Loan Debt
The best way to solve this problem is to have an attorney first. It's not that easy to file bankruptcy and clear these judgments instantly. It's a long process when it comes to debt procedure.