Summary of Mom, 85, slapped with cash-strapped daughter’s $31K student debt because she co-signed a loan 20 years ago
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Co-signing a student loan can have serious consequences, as seen in the case of Rebecca and Sabrina Finch. Rebecca co-signed a loan for her daughter Sabrina, but when Sabrina fell behind on payments due to medical issues, the lender transferred the loan to Rebecca, who is now struggling to pay off the $31,000 balance at 85 years old. The article highlights the risks of co-signing a student loan, including the possibility of default and the potential for the lender to take the co-signer's home. It also notes that private student loans have less flexibility in repayment options compared to federal student loans, and that borrowers may need to apply for discharge or forgiveness if they are unable to make payments.
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2024-09-06 04:13:53
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