I need advise for a student loan I cosigned for my son who died in 2005. I am on SSI can't afford the payment.

Question

I need advise for a student loan I cosigned for my son who died in 2005. I am on SSI can't afford the payment.

Answer 1

From a legal standpoint your son had nothing to do with that loan. The reason a lender gets a co-signer is because that person then becomes legally responsible for the debt. Worse, student loans are just about the stickiest kind of debt imaginable, particularly those with a government involvement; you can never escape them... Although (I'm guessing here) it's likely yours doesn't have a government guarantee, because I don't believe those kinds of loans require co-signers.

You're in a tough spot. You may want to consult with legal counsel who specializes in bankruptcy.

Answer 2

First of all, I'm sorry about your son's death, but unfortunately, I think you are responsible for paying back the loan.   If the loan is a PLUS loan, then you may have a variety of deferments and forbearance to choose from.  This can help greatly in getting the loan postponed.  On the other hand, if it was an private, alternative loan, then they are much stricter about paying it back and you may have to get some legal help.  To find out if its a PLUS loan, you first need to go to the NSLDS website, www.nslds.ed.gov with your 4 digit PIN from the US Dept. of ED.   You can apply for your PIN at www.pin.ed.gov.  Once you have your PIN go to NSLDS and sign on.  

I hope this helps and good luck.