California couple struggling after being forced to pay deceased daughter’s student loans

FoxNews ^ | Agu 6, 2014 | Fox News

[Vermont Lt]

My wife and I refused to sign our kids loans. We have always told them if they faced desperate times, we would help out. I explained to them that this was a combination of our “love” for them, but if something happened and they died—then I would not be legally bound to pay their debts beyond their estate.

Once they understood, they were cool with it.

[<1/1,000,000th%]

File for bankruptcy.

[trisham]

"Those who say that we're in a time when there are no heroes,
they just don't know where to look."

~Ronald Reagan

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[Buckeye McFrog]

uh....what exactly did they think “co-signing” means?

[Innovative]

Apparently bankruptcy doesn’t wipe out student loans in CA — the article mentioned that.

[trisham]

They signed a contract. That’s the way it works.

[<1/1,000,000th%]

Move. Then file for bankruptcy. ;)

[Lurker]

“We knew if she didn’t pay her debt we would be responsible by co-signing, but we didn’t know that if she died the debt would fall to us,” he said.

There may be a valid diminished capacity defense here. Her parents are obviously low grade morons.

[is_is]

morons......

[smokingfrog]

There is a 25% penalty if you go something like 14 months without making payments. That’s a big hit!

[longtermmemmory]

there is such a thing as loan insurance to cover such events.