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  • Report:  #1281593

Complaint Review: Navient

Navient Sallie Mae Unfair and greedy Nationwide

  • Reported By:
    Acoats — Houston Texas USA
  • Submitted:
    Fri, January 22, 2016
  • Updated:
    Sat, January 23, 2016

I cosigned for a student loan.   My child relocated, got a new job and only makes $10 an hour.  She tried to get her loan payments lowered.  They said I had to call and give me info in order to do this.  After giving my entire financial situation, they have determined that she doesn't need her payments lowered....Mom can pay them instead.  It doesn't matter that I already pay two of them....apparently I have no other obligations other than to pay them. As result, I'm struggling, paycheck to paycheck, barely making ends meet.

3 Updates & Rebuttals


Robert

Irvine,
California,
USA

Suggestion...

#4Consumer Comment

Sat, January 23, 2016

Well here is a real simple suggestion since you are only trying to get the payments lowered "a little".

Have your daughter pay what she can afford and you make up the difference.  In the end she then pays what she wanted to, and you don't have to pay the entire thing.   After all there is nothing that says she can't give you her part of the money(or you give her the difference) and then either she or you makes the payment.  But perhaps you are already doing that.

So here is another suggestion...tell your daughter to get a second job.   If it is just "a little" then even getting a second job for another 10-15 hours a week should be more than enough to help out.  There are many people who work 2(or even 3) jobs to "make ends meet". 

Then there is always the "nuclear" option....having her move back home.  If all she has is a $10/hr job she is not leaving some life changing "opportunity of a lifetime".  My guess is that she could very easily find another job paying just as much after she moves back home.

Now, of course this all depends on if your definition of "a little' matches what the rest of the world would consider a little.  That is , for example, are you trying to get a $500 payment reduced to $450 or a $500 payment reduced to $50. People would consider one of those "a little" and one of those "a lot".  I'll let you figure out which is which.

 


student loans

#4Author of original report

Fri, January 22, 2016

Ummm, i'm not trying to get out of paying.  I'd never be late, I know how student loans work.  And I knew what I was getting myself into when I cosigned but what is a parent to do - not allow the child to attend college???     All i'm trying to do it get the payment lowered a little.  


Robert

Irvine,
California,
USA

Sorry...

#4Consumer Comment

Fri, January 22, 2016

But there is no RipOff here.

What do you think you were doing when you "Co-Signed" the loan?  Did you think it was just an empty signature?  WRONG...it is a legal promise that if the primary borrower is unable to fulfill their obligation, you as the Co-Signer will become responsible for the debt.  This is exactly what is happening. 

As for your other commitments, again sorry to tell you but those do not really matter.  It also doen't matter that you have paid two of them...because you apparently have 3.   So one thing you may want to try is to see if you can consolidate these loans into a single payment, as that can often lower the payments compared to paying them separate.

As a side note.  Unlike other consumer debt, being deliquent on a student loan is almost up there with having debt to the IRS.  As with things like Credit Card debt they can not touch most Government Benefits or your Federal Tax refund, but if you have a delinquent Student loan they can intercept those beneifts or your refund to pay the delinquency.  They can also do all of this without a court hearing.

If you have a problem with this talk to your Congressmen...as they are the ones who put these laws in.

 

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