Posted on: 07th Jan, 2012 10:12 am
I am 65 years old and about 10 years ago I cosigned for 2 Sallie Mae student loans for my youngest son. He refuses to make any payment on these loans so I have been making payments. He also consolidated a third Sallie Mae loan with the 2 I signed for and my payment includes this one too. The interest on these loans has raised them from the origional $20,000 to over $30,000.
I want to retire this summer. Is there any way I can get out of making these payments so I can afford to retrire?
I want to retire this summer. Is there any way I can get out of making these payments so I can afford to retrire?
Hi grannymundt,
You can contact the lender and check out if you can get the option to pay off the loan through an affordable repayment plan. If you get such a plan, then you can pay off the loan and get rid of the debts.
Thanks
You can contact the lender and check out if you can get the option to pay off the loan through an affordable repayment plan. If you get such a plan, then you can pay off the loan and get rid of the debts.
Thanks
Indeed, contacting the lender and seeking a negotiation of the payments is a wise move. It won't get you out from under the debts themselves, though; as a cosigner you are 100% liable for making payment. If you're given an affordable option, it won't be fun, but it might ease your situation quite a bit.
Is there any way that my son can be made to make is own payments. He is 30 yrs old, single, has a job and would rather spend his money on fun things.
If your son's name is on the mortgage doc, then he will be solely liable for the mortgage payments. You shouldn't pay his mortgage payments and ask him to pay it himself. You should inform him the fact that if he does not pay the dues on time, then it might have a negative affect on his credit and the lender may even foreclose his property.
Granny, it would seem that your having to ask your son to make the payments is kind of a last-gasp effort to have him take responsibility and do what he ought to have done all along.
Informing him of the deleterious effects of poor credit isn't likely to motivate him, it would seem.
And, of course, since these are student loans that you referred to here, it makes no sense to worry about his liability for mortgage payments. Ignore that nonsense and strive to demand responsibility from him for the debt he has incurred.
Informing him of the deleterious effects of poor credit isn't likely to motivate him, it would seem.
And, of course, since these are student loans that you referred to here, it makes no sense to worry about his liability for mortgage payments. Ignore that nonsense and strive to demand responsibility from him for the debt he has incurred.