Student Loan (Terry says: Message to grandparents — think before co-signing!!)
How can I get a student loan forgiveness as a cosignor from sallie mae? I’m retired and my grand daughter does not have a large enough income to pay the payments. Thx
Terry Says
There is NO way to get forgiveness on a private student loan you co-signed! I know you tried to do the right thing by helping your granddaughter. But you signed on the line. You can try calling them and asking for mercy, but I doubt they will be moved. They might however go after your granddaughter and impress on her the seriousness of her signature and the importance of loan repayment.
By law, Social Security can take retirement and disability benefits to repay student loans in default. Social Security can take up to 15% of a person’s benefits. However, the benefits cannot be reduced below $750 a month or $9,000 a year.
