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Old 04-19-2012, 04:25 PM   #1
StitchesGr8Fan
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Student Loan Crisis

Turns out DBF's grandma didn't pay his student loan that she consigned for and promised to pay, and now they are coming after him cause she is dead. Imagine getting a collections notice for $100K. He's freaking and I don't know where to start. Yes, we need to pay it, but can we set up a payment plan? Anyone have experience with this?
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Old 04-19-2012, 04:31 PM   #2
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Originally Posted by StitchesGr8Fan View Post
Turns out DBF's grandma didn't pay his student loan that she consigned for and promised to pay, and now they are coming after him cause she is dead. Imagine getting a collections notice for $100K. He's freaking and I don't know where to start. Yes, we need to pay it, but can we set up a payment plan? Anyone have experience with this?
All you can do is call the company and see what they can do for you. You may have to deal with the collections agency at this point (since it sounds like it has gone to collections). They may or may not set up a payment plan. All you can do is find out.
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Old 04-19-2012, 04:32 PM   #3
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Who is sending you the notice?

Whatever you do, don't avoid them. They can garnish his wages or even garnish his state and federal tax refunds.

I would tell him to call them and work out a payment plan. They are more than willing to set up monthly payment arrangements. I've been paying mine off every month. Slowly but surely.

Just call them and explain the situation. They just want their money and are more than willing to work out payment plans......
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Old 04-19-2012, 04:35 PM   #4
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No one here knows honestly. You'll have to contact the company the loans are through and see what they will do to work with you.
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Old 04-19-2012, 06:38 PM   #5
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If it was apersonal loan, it's harder to say. If it's the Dept of Ed - they'll generally work with you after default.
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Old 04-19-2012, 07:53 PM   #6
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He is going to make sure the claim is legit and then call them and set up a payment plan. It's not as dramatic as we thought to begin with.
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Old 04-19-2012, 07:54 PM   #7
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The pp is correct, if it's the DOE, they are usually pretty easy to work with after default. Also, I believe the DOE will work with you in consolidating a default loan with another provider. Don't quote me on that, I worked in student loans about 4 years ago, so it's been awhile.
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Old 04-19-2012, 11:16 PM   #8
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IF it is a Department of Education loan the borrower would have to be the student or a parent or guardian. Grandparents cannot cosign a federal loan unless they are the legal guardians. Most loan companies will cancel the debt once the primary borrower is deceased. Who was primary? Your son or his grandmother? You said she cosigned. If so then the debt would still be his with the student loan company. Most would work with you as they rather have the funds than not.
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Old 04-20-2012, 12:14 AM   #9
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You said she cosigned. If so then the debt would still be his with the student loan company.
^^^This. I know that's not helpful, but if it was HIS loan with grandma as co-signer, she was just there in case HE failed to pay on HIS loan.
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Old 04-20-2012, 08:49 AM   #10
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I guess the verbal agreement was that she would pay the loan as her gift to him. He knows he is responsible and is going to pay it back. Never do financial transactions with family!
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Old 04-20-2012, 09:06 AM   #11
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Go to www.creditboards.com They are extremely helpful over there.
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Old 04-20-2012, 09:11 AM   #12
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Originally Posted by StitchesGr8Fan View Post
I guess the verbal agreement was that she would pay the loan as her gift to him. He knows he is responsible and is going to pay it back. Never do financial transactions with family!
Is there a reason she could not have it in her name to begin with

Can he at least prove she was making payments or did she not pay anything?
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Old 04-20-2012, 09:15 AM   #13
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If she was the cosigner, they should have been contacting him well before it made it to collections
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Old 04-20-2012, 09:26 AM   #14
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If she was the cosigner, they should have been contacting him well before it made it to collections
Yeah, I'm wondering about that as well.
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Old 04-20-2012, 10:31 AM   #15
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If she was the cosigner, they should have been contacting him well before it made it to collections
I didn't even catch that... nice eyes!

If she was the cosigner, then they would have still been contacting the actual primary on the loan (the student) way before now.
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