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Briefly: Cosigned a Sallie Mae loan before financial

Briefly: Cosigned a Sallie...

Briefly: Cosigned a Sallie Mae loan before financial situation changed for the worse--Pam and I are now living strictly on social security and the few dollars I can earn as a street musician.. Student is unable to pay and the Salie Mae folks want more out of me now than I have. Have NEVER defaulted on a debt in my life but, aside from winning the lottery, am not sure what my options are. HELP!

Lawyer's Assistant: Where is the school located? And is it a public or private institution?

LOL--You ask the "hard" questions; I'll get back to ya in a minute.

Lawyer's Assistant: Have you spoken to a local attorney or school administrator? What is your ideal outcome for this situation?

No. The family

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Oops! Ignore that "klutz" moment! Haven't been in contact with the student or her family lately; just the Sallie Mae folks. OK--Thanks

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5/17/2018
KLAW
KLAW, Lawyer
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Private companies, like Sallie Mae, that offer private student loans are not allowed to garnish Social Security checks of co-signers if the borrower can’t or won’t repay the loan.But, the lender can still pursue you and even take you to court to try to collect the amount due because you co-signed the loan. Even if they obtain a judgment, then cannot collect against your social security.I hope this clarifies. Please don’t forget to rate the question with stars. We as attorneys are not employees of Just Answer and are not paid unless you rate the question with stars.
KLAW
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Customer reply replied 3 months ago
You answered the question submitted precisely--Thank-you! I was looking for a bit more detailed advice but my computer suddenly froze on your website and this is the soonest I have been able to reply. Do you have advice on how to proceed if I come to the conclusion that Sallie Mae is trying to squeeze too much metaphorical "blood out of this turnip?" I've heard that declaring bankruptcy does not cancel one's educational debt but seem to find myself proof of Oscar Wilde's assertion that "no good deed ever goes unpunished." Thanks again--Bill
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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