debt forgiveness

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Joined: 05/23/12
Posts: 680
debt forgiveness

The gist is that a 61 y/o woman is being held accountable for her dead sons' private student loans. She co signed, he died, and she's being held liable. She's upset, can't really pay, and has a petition going around getting people to sign to forgive her debt and change the laws.

Mother Inherits Dead Son’s Student Loans, Petitions to Have Them Forgiven - ABC News

Debate: Do you think this (and other similar cases of debt forgiveness after the passing of borrower) should be forgiven or is this just tough luck, be more careful next time for what they cosign?

wlillie's picture
Joined: 09/17/07
Posts: 1796

No doubt in my mind that child is getting social security. She shouldn't have co-signed. That is what co-signing is. If the person who uses the money doesn't pay it back, you do. I feel bad for her because she is obviously not very smart because you can't just demand a company do something because you don't want to pay them back. And am scared that 20,000 people agree with her. I was 16 when I was taught what co-signing was. How in the world did she sign all those papers without reading *any* of them?

Joined: 05/23/12
Posts: 680

"wlillie" wrote:

No doubt in my mind that child is getting social security. She shouldn't have co-signed. That is what co-signing is. If the person who uses the money doesn't pay it back, you do. I feel bad for her because she is obviously not very smart because you can't just demand a company do something because you don't want to pay them back. And am scared that 20,000 people agree with her. I was 16 when I was taught what co-signing was. How in the world did she sign all those papers without reading *any* of them?

I feel sad for her. But I agree with your post. Oh..be more scared because it's 200,000 people who agree with her! Smile

Three 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.

wlillie's picture
Joined: 09/17/07
Posts: 1796

oh. It's change.org. Less scared; I already knew they were out there, I thought it was a real petition signed by people wiht common sense. A little bit more sad though. I bet a very high percentage voted wrong and if even 5% of those signers had donated $1, the debt would have been paid off. Take my money forcefully through taxes, but expect the company to take the 10 grand hit for a student loan instead of chipping in to help a poor old woman who's too devastated to work. Icky.

Danifo's picture
Joined: 09/07/10
Posts: 1377

never Co sign or sign up for an account for someone else unless you are willing to take 100% of the responsibility.

mom3girls's picture
Joined: 01/09/07
Posts: 1533

She cosigned, she is on the hook

Joined: 03/08/03
Posts: 3183

Sad tale but that's what co-signing is.

Joined: 08/17/04
Posts: 2226

Yes, she cosigned...it's her problem.

Joined: 04/12/03
Posts: 1683

Would people sign her petition if it was a debt for something else, say a car or a house? Or even a joint credit card?

His other student loans were forgiven because they were federal student loans. This was a private loan that happened to be used for education.

She accepted this debt when she signed for it.

Spacers's picture
Joined: 12/29/03
Posts: 4097

:pileon:
Sorry, ma'am, but that's what happens when you co-sign for someone. If he'd just been a deadbeat flake-off, you'd still be in the same position. You don't co-sign if you aren't willing to make the payments. That doesn't mean I don't feel bad for you, and if there were a way for me to pay $1 directly to the company to help you, I probably would.

Alissa_Sal's picture
Joined: 06/29/06
Posts: 6427

Yes, I feel bad for her that her son died, but that is what co-signing means.

Joined: 05/23/12
Posts: 680

"wlillie" wrote:

oh. It's change.org. Less scared; I already knew they were out there, I thought it was a real petition signed by people wiht common sense. A little bit more sad though. I bet a very high percentage voted wrong and if even 5% of those signers had donated $1, the debt would have been paid off. Take my money forcefully through taxes, but expect the company to take the 10 grand hit for a student loan instead of chipping in to help a poor old woman who's too devastated to work. Icky.

and that's what she should have asked her signers to do! 200,000 x .05 = 10,000! 1 nickel each.

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