How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 114688
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Type Your Legal Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

I have cosigned a private student loan for my son. The school

This answer was rated:

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).

I truly aim to please you as a customer, but please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.

Kindly remember the ONLY WAY experts receive any credit at all for spending time with customers is if you click on OK, GOOD or EXCELLENT SERVICE even though you have made a deposit or are a subscription customer. YOU MUST COMPLETE THE RATING FOR THE EXPERT TO RECEIVE ANY CREDIT, if not the site keeps your money on deposit.

Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.

This is NOT the practice of law nor is it legal advice to you, it is merely educational information for you to use to seek out a licensed attorney in your state to get actual legal advice from them. Please use sites such as or or to find a local attorney to get actual legal advice in all matters.
Law Educator, Esq. and other Legal Specialists are ready to help you