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Thu Nov 29, 2012, 09:25 PM

Bank continues to harrass mother over her dead son's student loan

Three years after her son's death, a 61-year-old Michigan woman is still on the hook for his student loans - and a Change.org petition she started now has nearly 200,000 signatures demanding the companies forgive the loans and change their policies.

Jermaine Edwards went to college to study music production, and his mother, Ella, agreed to cosign his student loans to help him attend school. However, Jermaine died of natural causes in 2009 at age 24, leaving his mother responsible for the loans.

"That's when American Education Services (AES) and National Collegiate Trust (NCT) turned my son's dream into a nightmare for me and the two year old son he left behind," Edwards wrote in the petition.

Edwards had three student loans when he died, two federal and one private. The two federal government loans were forgiven within a month of his death. However, the private loan company is refusing to forgive the loan.

"He was paying the loan bills when he died, but the balance is still over $10,000, and if I'm ever a couple days late on a payment, the calls keep coming until I pay," Edwards told ABC News.


http://gma.yahoo.com/blogs/abc-blogs/mom-wants-dead-sons-loans-forgiven-110019277--abc-news-savings-and-investment.html

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Reply Bank continues to harrass mother over her dead son's student loan (Original post)
davidn3600 Nov 2012 OP
former-republican Nov 2012 #1
Purveyor Nov 2012 #2
AnOhioan Nov 2012 #3
TransitJohn Nov 2012 #4
AnotherMcIntosh Nov 2012 #5
beyurslf Nov 2012 #6
ManiacJoe Nov 2012 #7
nc4bo Nov 2012 #8

Response to davidn3600 (Original post)

Thu Nov 29, 2012, 09:29 PM

1. She cosigned the loan

 

Never cosign any loan for anyone because you're on the hook for it.

It was never her sons loan.

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Response to davidn3600 (Original post)

Thu Nov 29, 2012, 09:29 PM

2. Number 1 rule...never 'co-sign'. As sad as this is, she is legally and rightfully on the hook.

Start a fundraiser or something but the she DID sign.

I co-signed a loan once, also got burnt...very badly. I paid and a family relationship was ruined.

Just saying...

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Response to davidn3600 (Original post)

Thu Nov 29, 2012, 09:32 PM

3. She did cosign the loans...I empathize with her but unless the banks bow to public pressure...

she does not have a legal leg to stand on.

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Response to davidn3600 (Original post)

Thu Nov 29, 2012, 10:14 PM

4. She shouldn't have taken out a loan she couldn't afford to repay. eom

n/t

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Response to davidn3600 (Original post)


Response to davidn3600 (Original post)

Thu Nov 29, 2012, 10:49 PM

6. Co-signing means you agree to pay the loan.

?

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Response to davidn3600 (Original post)

Thu Nov 29, 2012, 11:01 PM

7. What was put up as collateral, and is it worth losing?

If it is an unsecured loan, then taking the hit on the credit score by walking away might be worth it.

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Response to davidn3600 (Original post)

Thu Nov 29, 2012, 11:39 PM

8. 24 is so young to die. A parents' absolute worse nightmare.

Can't even go there with the outstanding loan........24 years old with a son and trying to make something of himself.

24.

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