http://www.miamiherald.com/news/nation-world/national/article87576072.html
Wow that is just terrible. How is this even legal?
Wow that is just terrible. How is this even legal?
Being murdered is no reason to forgive student loan
- Thread starter UCFWayne
- Start date
Umm...it's pretty common for families to have to pay off the debts of their loved ones when they die. My dad (and his siblings) had a pretty hefty bill when my grandparents died.
Mom was a co-signer, therefore she was liable. If it was simply the son's debt, she wouldn't have been.
If it was part of settling the estate, that's one thing, but no way should the next of kin have to pony up their money to pay off the decedent's debt.
Isn't that the definition of "settling the estate" though?
Didnt notice that part. Still kinda crappy that they would still go after her like that.
I mean, it sucks, but why should the bank have to pay for this loan if she co-signed?
Not necessarily. If there's equity in the estate, then it could be liquidated to cover the debt. But if there isn't sufficient equity, there's no way the next of kin should have to pay out fo their pocket. They would only pay out of what the estate could will to them.
I stayed away from private education loans for this very reason. Say what you want, but the federal government loans are pretty fair. They really will work with you if you're struggling to pay them back. The fact that the state of New Jersey has this power is pretty ridiculous.
So some bank said " Hey kid, want some school money?" And you were like "naw bro, I might get murdered. Airtight plan.
I never took those free credit card shirts because you never know if some pregnant lady with Hep C lactated all up in it.
That's not exactly what I was thinking jackass. But yes, I did make the conscience decision that if for some reason I did die, I didn't want my family to be stuck with the bill. Additionally, I didn't want the variable interest rates that often come with the private loans.
It was an attempt to be financially savvy with a loan for my Masters that would be tens of thousands of dollars. Maybe think about that next time. But no, you would rather make stupid ass remarks about things you have no idea about what I was thinking.
The banks don't ask for a co-signer just because they want all the empty spaces of the form filled. The banks ask for a cosigner to give you a lower interest rate than you can get with your shitty credit record, they do that because your signature gives them a second chance to get their money back. It is sad the daughter died but a contract is a contract.
Don't co-sign anything unless you have the money to repay the debt. If the banks don't trust that person, why should you?
I know. I acknowledged that in my original post. I just thought it was interesting because their terms are similar to private one's.
She is rightfully on the hook for loans. Co-signing means she is liable for debt, good for the agency.
These loans are BS. I don't get this. Nobody gonna pay this debt back. Just write it off and be done with it. We all gonna get helicopter money pretty soon anyways. Each American gonna get a phat check to go out and spend to prop things up.
