What if I’ve co-signed my children’s student loan debt that is now in default?
Here in Tampa, Florida, I just read an outrageous story today in Nation of Change that exemplifies the problems in the world of student loans. Basically, shortly out of college, this man’s son was killed in a car accident. Most of his student loans were private and co-signed by his father who makes $21,000 a year as a gardener. Private loans survive someone’s disability or death.
The debt (over six figures) has changed hands many times and has been wrung through the Wall Street securitization process. He doesn’t know the exact amount or who is owed. But the debt collectors are all over this poor guy.
There are solutions however. It’s just that most people have no idea that options exist and what to do about it. No one is telling people what can be done because hardly anyone represents the student or their co-signing parents. They are at the mercy of the system. Their main point of contact for information is the enemy: the debt collector. Or endless govermental websites that leave a person more confused than ever.
We commonly hear the term criminal lawyers, bankruptcy lawyers, PI lawyers. Well one day I hope people turn to student loan lawyers to solve their student loan debt. There aren’t many of us, but I have a feeling that we will be worth our weight in gold shortly as the student loan bubble pops.
For more information of what can be done about student loan debt, please see our Student Loan Survival Center.