Student Loan Crisis

[Allison]

Non-federal ones, private ones, large ones.

It could well have been a private loan. Though they should have been contacting him as the borrower, depends on how they set it up. It's possible the mailing address was him c/o grandma at grandma's place and she was sending the checks.

Dunno if it's a fanciful tale or not, just saying that's possible.

Yes, a cosigner is absolutely possible.

 

[mrsklamc]

I think it would be very wise of you to ask DBF for a credit report before you get married just to make sure there are no more surprises.

 

[mrsklamc]

Non-federal ones, private ones, large ones.

It could well have been a private loan. Though they should have been contacting him as the borrower, depends on how they set it up. It's possible the mailing address was him c/o grandma at grandma's place and she was sending the checks.

Yes, but once she stopped sending checks, they would have started looking for him long before it went to collections. And student loan co's are extremely good at hunting people down.

Co-signers are very possible esp. before 2008. I left a job at a private school because it became part of my job to sign people up for private loans at 20% interest and I could tell that a large portion of the applicants weren't going to be able to complete the coursework, leaving them with a large amount of debt and non transferrable credits.

 

[nunzia]

Yes, this sounds oddly off to me as well..If he was on the loan they'd be all over him well before collections. Plus, who has 100K in one student loan???

 

[BuzznBelle'smom]

Yes, this sounds oddly off to me as well..If he was on the loan they'd be all over him well before collections. Plus, who has 100K in one student loan???

Maybe it was a consolidation loan? That might also explain why Grandma cosigned it.

I guess I'm more concerned about why the young man is "surprised" that this loan is now due. Since it was his loan and it afffects his credit history, he should have been a little more hands-on in making sure it was paid. especially for such a large amount.

 

[sissy_ib]

It sounds like grandma may have been paying it then she passed. Did you DBF think it just went away when she died? 100k is not something that can be paid off in a few years unless grandma was very well off, in which case why get loans?

 

[mrsklamc]

OP, is it possible that Grandma's heirs were aware of the arrangement? If so is there any part of the estate that might go to the debt?

It sounds like grandma may have been paying it then she passed.

If this were the case, they still would have contacted DBF before it went to collections.

Sadly, DBF's story just doesn't add up.

OP needs to get that credit report pronto!

 

[LilyWDW]

It sounds like grandma may have been paying it then she passed. Did you DBF think it just went away when she died? 100k is not something that can be paid off in a few years unless grandma was very well off, in which case why get loans?

The group the loan is through would have gotten in touch with the the actual signer of the loan when payments stopped. It would not have gone straight to collections. So, something does not add up at the moment without more information.

 

[Deb & Bill]

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?

I agree with the others who say find out more about your BF and what he owes. Otherwise you'll wind up owing it, too. Postpone the wedding, cancel the Polynesian and use that money (if it is his money) to pay towards the student loan.

He may have been getting notices for a long time if he didn't make any payments on the loan. He borrowed the money, not grandma. They were his loans, not grandmas. He needs to pay it back. $100K is a lot of money to go into a marriage owing.

 

[lost*in*cyberspace]

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?

Seriously? He owes the money; he needs to call and make arrangements to pay. Welcome to the adult world.

 

[a1tinkfans]

I agree with the others who say find out more about your BF and what he owes. Otherwise you'll wind up owing it, too. Postpone the wedding, cancel the Polynesian and use that money (if it is his money) to pay towards the student loan.

He may have been getting notices for a long time if he didn't make any payments on the loan. He borrowed the money, not grandma. They were his loans, not grandmas. He needs to pay it back. $100K is a lot of money to go into a marriage owing.

and sadly the state of many kids out there have those type loans from their college educations...and now some are asking for those loans to be reduced or waived...the whole thing sickens me........................on many levels....