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Showing Original Post only (View all)Grieving Father Struggles to Pay Dead Son’s Student Loans [View all]
Grieving Father Struggles to Pay Dead Sons Student Loans
by Marian Wang
ProPublica, June 14, 2012, 10:05 a.m.
A few months after he buried his son, Francisco Reynoso began getting notices in the mail. Then the debt collectors came calling.
"They would say, 'We don't care what happened with your son, you have to pay us,'" recalled Reynoso, a gardener from Palmdale, Calif.
Reynoso's son, Freddy, had been the pride of his family and the first to go to college. In 2005, after Freddy was accepted to Boston's Berklee College of Music, his father co-signed on his hefty private student loans, making him fully liable should Freddy be unwilling or unable to repay them. It was no small decision for a man who made just over $21,000 in 2011, according to his tax returns.
.....(snip).....
And the loans are maddeningly opaque. Despite the help of a lawyer, Reynoso has not been able to determine exactly how much he owes, or even what company holds his loans. Just as happened with home mortgages in the boom years before the 2008 financial crash, his son's student loans have been sold and resold, and at least one was likely bundled into a complex Wall Street security. But the trail of those transactions ends at a wall of corporate silence from companies that include two household names: banking giant UBS and Xerox, which owns the loan servicer handling the bulk of his loans. Left without answers is a bereaved father. ..............(more)
The complete piece is at: http://www.propublica.org/article/grieving-father-struggles-to-pay-dead-sons-student-loans
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Horrible. Anyone know if there is death or disabilty insurance available for student loans?
HereSince1628
Jun 2012
#4
Yes, there is. When I took out my student loans in the mid nineties, a premium was deducted from
juajen
Jun 2012
#24
Student loan debt is a major problem, doesn't even stop hounding you when you are dead. K&R.
ck4829
Jun 2012
#13
He should see a good bankruptcy attorney and not assume that all student-related loans cannot be
AnotherMcIntosh
Jun 2012
#21