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Co-Signed for a student private loan

By Terry Savage on May 23, 2022 | College Savings / Student Loans

Good afternoon.
Our daughter recently decided to quit her teaching job and basically become jobless for no valid reason. My husband received a phone call Sunday morning stating that our daughter’s private loans are past due. My husband co-signed when she refinanced her loans and is now responsible for the payments. While we will be responsible and make the payments of $700+ per month, is there anything we can do to require that she make her own loan payment, or at least require that she contribute?
This is a nightmare! She basically said that this loan is not real and she will not pay them.

Terry Says

I’d like to be helpful, but there is nothing you can do about this bad investment. You’ll have to keep paying or your own credit will be ruined.
So, she is now out of a job and no income. Where is she living? Please don’t say “at home”! This is the moment for tough love.
There’s an old saying:
“The lessons that cost the most, teach the most.”

This applies to YOU — and it should apply to HER!

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