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.