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  1. #1 Mom inherits dead sonís student loans, petitions to have them forgiven 
    PORCUS MAXIMUS Rockntractor's Avatar
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    NEW YORK) -- Three years after her sonís 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.

    Jermaine Edwards went to college to study music production, and his mother, Ella Edwards, agreed to cosign his student loans to help him attend school. However, Jermaine died of natural causes in 2009 at age 24, leaving his mother responsible for the loans.

    ďThatís when American Education Services (AES) and National Collegiate Trust (NCT) turned my sonís dream into a nightmare for me and the two year old son he left behind,Ē Edwards wrote in the petition.

    Jermain had three student loans when he died, two federal and one private. The two federal government loans were forgiven within a month of his death. However, the private loan company is refusing to forgive the loan.

    ďHe was paying the loan bills when he died, but the balance is still over $10,000, and if Iím ever a couple days late on a payment, the calls keep coming until I pay,Ē Ella told ABC News.

    Ella wrote in the petition that she was so depressed after her sonís death that she could barely get out of bed, and has since been under doctorsí care. She requested an early retirement, but is now back working. The money is still not enough to cover the bills.
    Read More>http://www.wlsam.com/Article.asp?id=2583616&spid=

    Cosigning can have consequences.
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
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  2. #2  
    Ancient Fire Breather Retread's Avatar
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    The law is clear - you cosign the note - you're on the hook.

    My old man stopped cosigning for me when I turned 18.



    Of course he had spent the previous 5 years helping me build my credit.
    It's not how old you are, it's how you got here.
    It's been a long road and not all of it was paved.
    Live every day as if it were your last, because one of these days, it will be.
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  3. #3  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by Retread View Post
    The law is clear - you cosign the note - you're on the hook.

    My old man stopped cosigning for me when I turned 18.



    Of course he had spent the previous 5 years helping me build my credit.
    I do feel bad for her but what else would they do, it is in the word cosign, that really needs to be understood for all it could mean, her son didn't intend to stiff her, but that's how it worked.
    I guess if you can't afford to buy what you are cosigning for, you don't do it no matter who it is.
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
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  4. #4  
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    NEVER cosign a loan. I learned that long before I ever heard of Dave Ramsey.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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    Power CUer noonwitch's Avatar
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    Quote Originally Posted by Rockntractor View Post
    I do feel bad for her but what else would they do, it is in the word cosign, that really needs to be understood for all it could mean, her son didn't intend to stiff her, but that's how it worked.
    I guess if you can't afford to buy what you are cosigning for, you don't do it no matter who it is.

    She should have had life insurance on her son, a policy large enough to cover the costs of the loans. Those are pretty cheap for people in their 20s, and young people don't usually have to take a physical first to qualify.


    My dad always had life insurance policies on us when we were kids-he was honest about it, and said death is expensive.
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  6. #6  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by noonwitch View Post
    She should have had life insurance on her son, a policy large enough to cover the costs of the loans. Those are pretty cheap for people in their 20s, and young people don't usually have to take a physical first to qualify.


    My dad always had life insurance policies on us when we were kids-he was honest about it, and said death is expensive.
    This would be a good lesson, if you are determined to cosign for someone have them take out a term life insurance policy for the amount and payment period of the loan and make you beneficiary, I wouldn't be surprised if they have specific policies for this purpose.
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
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  7. #7  
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    Quote Originally Posted by Retread View Post
    The law is clear - you cosign the note - you're on the hook.

    My old man stopped cosigning for me when I turned 18.



    Of course he had spent the previous 5 years helping me build my credit.
    HAH! I can top that, my parents said they were NEVER cosigning ANYTHING for me, and taught me that building credit by using a credit card or getting a loan is stupid. I've never had a credit card, and yet when I went to turn on my old apartment's electricity with my friends (another stupid idea) the woman said we all had credit; I've heard that having a clean job history that doesn't have you bouncing job to job is taken into account.
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    Senior Member LukeEDay's Avatar
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    By law she is responsible for them. I don't like that they are making her pay for them, but when you cosign something, you put yourself in that situation. That is why I will never cosign for someone, or have someone cosign for me.

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    Senior Member Eupher's Avatar
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    The kid dies at age 24 of "natural causes."

    That tells me he had a terminal illness of some type, or - absent a terminal illness - he knew (and presumably his mother knew) he was on borrowed time.

    Tragic, assuredly.

    But what's even more tragic that despite this knowledge and relative certainty, Mom goes ahead and co-signs a loan for him and his education, knowing he wouldn't complete it and knowing she'd be left behind to pay the bill?

    Scratch "tragic." This level of stupidity transcends even the morons who voted for Barry.
    U.S. Army, Retired
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  10. #10  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by Eupher View Post
    The kid dies at age 24 of "natural causes."

    That tells me he had a terminal illness of some type, or - absent a terminal illness - he knew (and presumably his mother knew) he was on borrowed time.

    Tragic, assuredly.

    But what's even more tragic that despite this knowledge and relative certainty, Mom goes ahead and co-signs a loan for him and his education, knowing he wouldn't complete it and knowing she'd be left behind to pay the bill?


    Scratch "tragic." This level of stupidity transcends even the morons who voted for Barry.
    Good point, if you were dying you would think there would be more rewarding things to do then college, like guns, woman and whiskey!
    Then again you might be better off in church or some ministry, I guess it depends on where you're headed.


    Come to think of it you could be Catholic and have all of the above?
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
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