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11-30-2012, 03:52 PM #1
Mom Wants Dead Son's Loans Forgiven
I pretty muck know the answer from the major members here. But what do you think?
Why cosign if you don't think you will be able to pay it back?
Now would I forgive this loan if I owned the company? If The story is accurate then I probably would?
But God forbid if my child passed and I had signed the loan I could not ask for it to be forgiven.
11-30-2012, 04:58 PM #2Three years after her son's death, a 61-year-old Michigan woman is still on the hook for his student loans - and a Change.org petition she started now has nearly 200,000 signatures demanding the companies forgive the loans and change their policies.
"He was paying the loan bills when he died, but the balance is still over $10,000, and if I'm ever a couple days late on a payment, the calls keep coming until I pay," Edwards told ABC News.
11-30-2012, 06:12 PM #3
Lenders are businesses too. Why should they forgive a $10,000 debt? Maybe I should ask my lenders to forgive all of my debts because I can't afford to pay them.
11-30-2012, 06:20 PM #4
12-01-2012, 05:37 PM #5
12-01-2012, 07:27 PM #6Science doesn't know everything.....Religion doesn't know anything.
12-01-2012, 07:32 PM #7
I feel bad for the lady, but if they allow the loan to go away, it could start a bad trend of people for various reasons trying to do the same.
With that said, the loan company doesn't need to harass the women. I understand they want there money, but I've never heard of a business doing that.
(this is kinda off topic, but to co-sign a loan, I thought for it to be accepted, you had to make enough money that you could cover the loan. I could be wrong about that, though)
Last edited by gladdyontherise; 12-01-2012 at 07:36 PM.Click banner for tradelist
Dan LeFevour PC 192/283
12-01-2012, 11:43 PM #8
I wonder if she has actually attempted to formally negotiate a settlement with the lender. Probably not. If she had, and she could demonstrate to them that she can't afford the payments, the lender would likely give in. However, you can't just tell the lender that you're not going to pay any more.
Last edited by AUTaxMan; 12-01-2012 at 11:48 PM.
12-01-2012, 11:47 PM #9
when you co-sign for a loan that means if the person being cosigned for doesnt pay then they go after the co signer...dead or not she signed the paper agreeing to pay if her son didnt..do i feel sorry for her situation...sure do...do i think it should be forgiven..absolutely not...personal responsibility..you cosign understanding its your debt if something happens..now live with the consequences you put your name on
12-02-2012, 12:20 AM #10
Sorry, this is part of the business of education now. My parents had to sign for the first year of my loans for school.
She should have had him declare himself emancipated after his first year. They used to let people do this. It allows him to take the debt on personally. Do they still let people do this? Been awhile since I have been in school. If not, it changes may opinion significantly.
She then would not be on the hook for all of it.
Also looking at it, the government has already forgiven a significant portion of the debt. Wish she would tell us how much of it has already been forgiven.