I cosigned for my daughter's student loan to attend a respected private college in Oakland, CA (Mills College). She successfully finished school, graduated, then found little or no opportunity in her choice of work. She is working but unable to pay her debt at the amounts the creditors are requesting. The creditors who have taken over her TERI loans which total approximately $60,000.00 are now also calling me and I realize as a co-signer, the debt is now mine as well however my own income is only $35,000.00. My husband (daughter's step father) did not sign for her loans but I am told since we are in California and are married, this is his debt as well under the community property laws. His income is now less than mine as he is self employed and the business is not doing well. We have a mortgage we are paying for our home which we still owe a little over $200,000.00 on. I am also concerned that any inheritance I will eventually receive from my father will be grabbed by the creditors to satisfy my daughter's debt and this was money we were planning to use when we retire. My daughter is paying whatever she can on her part of the debt she incurred under her own name which was consolidated a year ago but that does not include the part that I am the co-signer on. How do I protect my assets plus help my daughter with her situation? Obviously we were approved for far more than we could afford but sadly I did not do my homework and was trusting that the loans would not be granted if it were out of reason. Having not attended college myself, I was ill prepared to know how the system works in the case of student debt. Any hope for us in this situation?
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Student loans are a mess.
College degree is not what it used to be, its a milking cow for loan sharks.
File for bankrupcy protection if they come close to collecting on the $60K.
Start a business and move your assets to that business.
Did u co sign for all the loans? or just 1x, u could be just for 1 loan.
Pay off Student Loan
Hi mamabird,
I understand you are going through a tough time. There are certain ways by which your daughter can be eligible for a loan forgiveness. Some portion of the loan amount can be forgiven, if your daughter joins a socially benefiting organization.
For instance, she can teach in understaffed schools or teach "special-case" children. The government forgives about 15% of the loan in in the first 2 years and almost 30% if your daughter continues to work for 5 years. Though this would mean a gap in your daughter's career, she can think about going for it.
student loan
I attended MedTech College after losing my job of almost ten years.
Needless to say I thought persuing training for a new career did not work out in my favor. This school offered no financial help. They calculated my cost for attending school on my previous years earnings. I did not have the same amount of income while attending school, noone considered reevaluation after eighteen monts of attending classes. I finished school with a diploma in medical coding and billing, but as of today haven't found employment in this field. I received very little money back after attending there for the eighteen months. They returned a little over a thousand dollars after attending there for a nine month period. I also discovered they had obtained loans from two different companies for these loans of which I was never informed.
what can I do I keep receiving letters from these companies. I'm afraid when I file my income tax that these companies will conficate any return I may receive.
there is a new program that if you work for government for 10 years the loan can be forgiven.