Posted on 01/13/2024 3:34:12 AM PST by where's_the_Outrage?
Pay off the student loans
You can’t get out of private or Federal Student loans by bankruptcy. The only way to get out of Federal loans is by being eligible for PSLF or have a permanent disability where you can not work at all.
I’ve read the comments. Am I missing something or is everyone else?
The kid states that they’ve been paying the interest on the loan and that the dad has been paying down the principal.
How’s is the balance going up?
You gave her some solid values.
Nope.
Not since Obama(don't)Care passed.
Which was at least two years before. So you did not do your research and now you and dad are stuck paying a big stupid tax.
Best of luck.
“Being that stupid should hurt.”
Loved reading that! Succinct and true. I would never cosign a student loan and would tell my kids (if they asked) to FLEE a private loan. One son took one ($30K) and ended up paying it off by spending a year in Afghanistan.
$150,000? “Being that stupid should hurt.”
Pro 6:1 My child, if you have put up security for a friend’s debt or agreed to guarantee the debt of a stranger—
Pro 6:2 if you have trapped yourself by your agreement and are caught by what you said—
Pro 6:3 follow my advice and save yourself, for you have placed yourself at your friend’s mercy. Now swallow your pride; go and beg to have your name erased.
Pro 6:4 Don’t put it off; do it now! Don’t rest until you do.
Pro 6:5 Save yourself like a gazelle escaping from a hunter, like a bird fleeing from a net.
Pro_27:13 Get security from someone who guarantees a stranger’s debt. Get a deposit if he does it for foreigners.
bank/govt isn’t all wrong.
Mat 18:24 In the process, one of his debtors was brought in who owed him millions of dollars.
Mat 18:25 He couldn’t pay, so his master ordered that he be sold—along with his wife, his children, and everything he owned—to pay the debt.
Mat 18:24 In the process, one of his debtors was brought in who owed him millions of dollars.
Mat 18:25 He couldn’t pay, so his master ordered that he be sold—along with his wife, his children, and everything he owned—to pay the debt.
Luk 6:34 And if you lend money only to those who can repay you, why should you get credit? Even sinners will lend to other sinners for a full return.
Which is one of those nasty little traps that they stick into deferred payment loans that they do not tell you about.
He should have been sending in a check every month for the interest so it did not build up.
Friend cosigned. Lost her house in 50s. One had underwater basket weaving major and the other child majored in something like rap
They aren’t going to release your dad as co-signer.
Refinance it without his co-signing assuming you are no longer in school and working
I got ya. Thanks
The Dept of Education played games with me years and years ago when I was paying mine. I’d send extra money to be applied to the principal. They’d apply it to the next payment.
No matter how many times I called and spoke to someone, it was always the same.
This was before on-line payment options and such. Finally had to go to a 3rd party service because I was tired of paying the loan sharks at DOE.
No one here is asking what the $153,000 is for? That should be enough to cover 4 years of college. Why would you take out a $153K loan at one time? The student should have been working the whole 4 years to help pay it off. Stupid all the way around.
Exactly what I did for my daughters. One needed more and got a poor paying job waiting on tables for a low end restaurant in a college town.
It was tough to watch, but she soon worked her way up to manager of another low end restaurant.
Today, she was quality control manager for a major automobile assembly plant and credits that experience for giving her the drive to move forward.
Pay off the student loan. Pretty simple.
Personally I thought it was a cheap lesson. Paying a couple hundred dollars at this point will keep her from doing the same thing in the future when the price could be much higher.
It is possible to get a student loan cleared on bankruptcy but you have to be in pretty dire straits to do so, and it has to be filed under a different bankruptcy proceeding.
IF the student is making payments on the debt, then he/she isn’t really in dire straits and the bankruptcy would likely be denied. The bankruptcy has nothing to do with the idiot father who cosigned.
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