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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 17159
Experience:  B.A.; M.B.A.; J.D.
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My wife got loans of my children for $80,000 she now

Customer Question

My wife got loans for two of my children for $80,000 she now owes $108,000 forbearance is coming to an end my question is concerning the debt the of loan .nelnet or fasfa would not give me the loan because my credit wasn't good enough. I was always the breadwinner in my family. My wife hasn't worked in 20 years but they gave her the loan? Don't know why. In the meantime for the last five years I've had 17 surgeries and I'm on permanent disability my wife has to help me daily she cannot go get a job I know if The loan was in my name which it should have been I might have been able to get some kind of relief. With the loan being in her name am I responsible to pay off the loan in her name? And do I need a lawyer to help? Is there any possibility of getting a discounted rate or make a deal?
Submitted: 6 months ago.
Category: Legal
Expert:  Phillips Esq. replied 6 months ago.
Are the loans federal loans--subsidized and/or unsubsidized Stafford loans?
Customer: replied 6 months ago.
it says federal direct stafford /ford loan
federal direct unsubsidized stafford /ford loan
from Direct Loans now taken over by Nelnet loan services
Expert:  Phillips Esq. replied 6 months ago.
Thank you for the information. You wife should apply for loan consolidation Ford Direct Loan Program. If approved, she can only pay between 15-20% according to her adjusted gross income as shown on her federal tax return. She can pay as little as zero on the loan. After 20 years, the remainder of the loan would be forgiven. For more information click on the link below: ***** give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this. Thank you for your cooperation.
Customer: replied 6 months ago.
She has no income stays home to aid me. But we file jointly and I have income from a company I own that I don't work at and haven't for 4 years. The profit I show usually goes back in to the company. So shall I still follow your instructions and check into that is it worth it? Or if they see that I have income they will just deny her? let me know what you think thank you and I will post the positive feedback
Expert:  Phillips Esq. replied 6 months ago.
It is worth pursuing. Income of husband and wife would be used to determine eligibility. What is used is the Adjusted Gross Income.

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