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LegalKnowledge, Attorney
Category: Legal
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We cosigned a student loan for our son. He is defaulting on

Customer Question

We cosigned a student loan for our son . He is defaulting on it. Do we have any way of getting out of this or minamizing our costs? My husband is 70 soon and I am disabled.
Submitted: 2 months ago.
Category: Legal
Expert:  LegalKnowledge replied 2 months ago.

Good evening. In a situation like this, to minimize your costs, it would be best to present an offer to settle with them, paying in a lump sum. I say this because when it comes to student loans, getting out of paying them is not possible. As such, if X amount was borrowed and owed, then you can offer Y, to try and resolve this and limit your financial exposure. When a party co-signs, they agreed to be responsible and while I know you were helping him out when you signed, the lender will try and go after you and him.

Expert:  LegalKnowledge replied 2 months ago.

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