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Law Educator, Esq.
Law Educator, Esq., Attorney
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Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I have cosigned a private student loan for my son. The school

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I have cosigned a private student loan for my son. The school is a profit school that has not issued his degree due to a remaining balance of $3000. (I have asked the school to provide the detailed statement for all payments applied). Loan balance is $20,000. Discover student has sold loan to a collection agency. The statue if limitations in TX on this debt is 4 yrs. these private loans aren't willing to negotiate since the current law protects them from BK7.
What type of attorney, if necessary, do I need to know our best course of action? to repay the the loan would be a hopeless choice from what We both are faced with today. The hit on both our credit scores has reduced borrowing options for years to come. Any advice is appreciated!
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

You would need a consumer protection law attorney to look to resolve this issue between not only you/your son and the loan companies, but also with the school as well. The school does not have to release his degree if he has a balance owed, so that is the other issue that needs to be resolved with the school.

You are correct that these loans cannot be extinguished in bankruptcy, but they may be reduced or have interest lowered in a Chapter 13 and you may be able to at least force them into a reasonable repayment plan. Unfortunately, as you know bankruptcy of any kind would reduce your credit scores. The student loan issue will be, as predicted by economists, the next major lending crisis since the home lending crisis and congress has yet to address it in a meaningful manner which the economic experts believe they must do.

Discover is one of the worst because they have no intention of negotiating with anyone except perhaps in a Chapter 13 where they could be forced to take less interest, stop interest and penalties and set a reasonable repayment plan and that is where the consumer protection or bankruptcy attorney could assist. You should try the consumer protection attorney first and if they cannot get any concessions then the final choice is to examine the bankruptcy as painful as it may be for you (as these delinquent loans are hurting your credit just a bad as bankruptcy will in the long run).

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