Mother wants debt inherited from dead son's loans forgiven.

[Sam1]

[quote name='maroonandwhite' timestamp='1354306891' post='852993']
The saddest part about this whole thing is that she got 200,000 signatures asking for the debt to be forgiven. Of course with the state of things now I guess that shouldn't surprise me. Where do these people think this money comes from?
[/quote]

If each one of those people donated 5 cents, she would have the $10,000 to pay off the loan. Stuff pisses me off that people will go out of their way to spend everyone's money but their own

[Guest nysos]

I'm sorry but if she wasn't in a financial situation to be able to pay for the loans in the first place on her own, without struggling, then she shouldn't have cosigned. You think at 61 she should know better, but obviously not. That is the responsibility and risk of cosigning, the debt should not be forgiving and she should have to pay for it.

[luvmyberetta]

[quote name='Sam1' timestamp='1354311791' post='853051']
If each one of those people donated 5 cents, she would have the $10,000 to pay off the loan. Stuff pisses me off that people will go out of their way to spend everyone's money but their own
[/quote]

Better have everyone send 10 cents each. Remember that the govt will probably count it as income and then she'll owe Uncle Sam a share of it too.

[gregintenn]

I got out of high school and got a full time job, so I decided I needed a new truck. I asked my father to cosign for me. He said if I couldn't get it on my own, I couldn't afford it. Best thing he could have done for me at the time.

[Garufa]

Why is this even in the news?

[timcar86]

I'm not sure how I feel about this. I had a similar situation happen in my family. I had a daughter with a rare genetic condition called Cockayne Syndrome. To make a long story short, she had a short life of disability, medical procedures, and hospital stays. Needless to say we racked up a lot of bills that we were steadily paying off but we were losing ground fast. My daughter died a little over three years ago, shortly after she turned 5. A few weeks after her death, Children's Hospital in Knoxville, which is where we spent the majority of her hospital time, called and told us they'd decided that they would forgive all of our debt to them. We didn't ask them to and like I said, we were steadily paying the bill so I'm not sure what prompted that decision. I do know that I'll always be glad it happened and I'll never be sorry that it happened that way. So, once again, I'm torn. Mostly because I know the grief that this lady is experiencing and trying to deal with finances after a loss like this adds salt to a horrible wound. I think it won't be long before she gets money from somewhere to help with this. I know I would donate to pay forward some of the compassion I was shown during a difficult time.

[Mike.357]

My Dad cosigned a loan for me when I was young. I did not screw him over. I cosigned a loan for my now extremely responsible son when he was young, and well that did not work out so well for me but I thought it a way to repay the trust I had been given, All water under the bridge now, we all make mistakes in raising our kids. Most of us are not perfect. But he learned and has paid me back tenfold in ways that aren't monetary. In retrospect it was a good investment.

Asking never hurts, but when you sign papers backing up a loan you better be prepared to follow up on it. This woman is way out of line, Se has gone way beyond asking for help.

[Guest TankerHC]

Anyone who doesnt do their research on private College Loans is a fool. This lady better get it paid off, without expecting it to be forgiven (It shouldnt, she co-signed, its her debt). In 2 years, if she doesnt pay this will be a $50,000 loan.

[analog_kidd]

It's great of the lender if the borrower asks for forgiveness and they give it. There is no shame or ethical problem in asking. But if you ask and the lender says "sorry, we'd like our money", then she should have to pay it back.

The ironic part is, if they did forgive her debt, the government considers that "income", almost as if the lender gave her the money to pay it back. So, she'll owe income tax on that amount. $10k = roughly $2.5k she'll still owe the government in tax, and I don't think the IRS would be so generous.

When my son was young, he wanted to buy a car, and I cosigned for him. He was very responsible and made his payments on time, so no problems for me. However, the finance guy at the dealership made it VERY clear I would be responsible for paying this off if there was any reason my son didn't. You'd have to be foolish to not understand what you are getting into by cosigning.

[Glenn]

This is now Amerika. The evil rich should pay it for her