Private student loans — grandma can’t retire!
Terry. Why aren’t the private student loan companies not included in the pause on payments? I am a senior that cosigned for my grand daughter but have to make the payments. She was laid off for covid and I’m stuck. I want to retire. Sallie mae should be included in the pause by the president. It’s a student loan or I need forgiveness. Want to retire. Any advice? Thx
Terry Says
That is the saddest story –and I’m hoping that the new administration will include some relief for private student loans.
Currently, the only way out of private student loans is to file for bankruptcy! Read this article on NerdWallet.
I think you should contact the National Foundation for CreditCounseling at 800-388-2227 to discuss the impact of a potential bankruptcy on your retirement years. It would stay on your credit report for 10 years, impacting yoru ability to buy a new car, rent a new apartment or refinance your mortgage. But at your stage of life this might be a solution to explore.
Then if the new administration doesn’t offer some relief, you would have a possible alternative.
