Posted: 7/11/2013 7:10:22 PM EDT
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Youngest son - never had to study to get good grades. Made it through college fine.
Oh - student loan - whatever cosigned for a car to help out a friend - she lost her job so he got the car back - yeah a few months behind. Never asked for help. Always knew the best way to do something. Not cocky - just always wanting to be his own person. Not a mean bone in his body. Now the student loan guys are after him. Work is scarce. Car just got repro'ed. Wants to work in China like his brother - um - how? Sometimes you just wonder. 
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Now the student loan guys are after him. Car just got repro'ed. Sometimes you just wonder. That does suck. Kind of sounds like what I went through earlier in my life. Except the ones calling me were for debts owed by my ex..... What kind of student loans? Federally backed or private? There are options to bring Fed loans out of default. I used to oversee the credit/collections group for a proprietary college, so I might be able to point him in the right direction. If you are of a mind to do so, contact the company that repo'd the car and see if they will settle the debt for a lesser amount. If they say yes, have them put it in writing and send it to you first before making any payments. |
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Was thinking the same thing on the car. The student loans are federal. Kept after him to call and defer but Georgia State University indoctrinated him into believing education was a right and therefore why pay them back. Have him call and see how much it would cost to bring them out of default and set up an income based repayment OR set up a deferment or forbearance. He will have to pay something to bring it out of default, but it is better than the alternative as Uncle Sam will tag his future earnings and income tax returns if the debt is not paid. If you want to talk to someone about how to do this first, shoot me a PM and I'll have someone from my old team call you. As for GSU, that is very unfortunate but very common. State universities are not held to the same standards as for-profit colleges when it comes to student default rates. They basically get a pass, but for-profits have to maintain a 2 year rate of less than 25% or face stiff penalties and losing Federal funding. |