My Girlfriend is a kindergarden teacher.
She has 100k (yes I know) on college loan debt.
Her loan is private and her dad is a co-signer.
She has tried getting a hard ship, but no one seems to help her because the loan is private not federal. And she can't cliam bankrupcy because her dad is co-signer.
This loan is killing her finacially...HELP! Any guidence apprciated!
Sadly, there is not a whole lot you can do in this situation.
First of all, have your girlfriend chime in on private student loans here:
http://www.consumerfinance.gov/chime-in-on-private-student-loans/
The DOE and Consumer Financial Protection Bureau don't know a lot about private loans and they're looking for input. Hopefully the more negative input they get will somehow help those of us repay these private loans.
I was able to extend the life of my private loans to 25 years (with 2 years of interest-only payments). I'll end up paying more, but it brought my monthly payment down to something I could afford more easily.
If she can pay the minimum on time for 2 years (does not include being on 2 years of interest-only), she should be able to remove the co-signer.
She should avoid default at all costs. If her father can help her with the payments, as the co-signer, he should (they may go after him for the payments anyway).
Spread the word about Forgive Student Loan Debt, have you signed the petition? Hopefully some help will come soon! Best of luck to your girlfriend and her father!
I have a cosigner on all except one of my private loans. As far as I am aware directly from SM rep - you can not petition to remove your cosigner from your loans until you A- make a minimum of 36 payment on time, B- those payments are in full and on a standard repayment plan, C- never, ever make a late payment.
You must fill out a application to release your co-signer and even after you meet all these requirements - SM is in no way obligated to release your co-signer.
the really corner the lot of us with the very small tiny 4pt type at the bottom of page which said something like "we own your soul forever" .
The length of time you have to make on-time payments to get your co-signer released varies by plan I guess. Mine is 24 months but they also take in to consideration your income on that application. I am going to apply in two years to get my co-signer released and if they don't release her, I am going to contact my congressmen. I hear that is a good way to get Sallie Mae to actually negotiate with you.
