Personal Finance and Investing

Pachamama

(17,234 posts)

8. Based on the limited data he provided - it appears this was not a Federal student loan

Thu Mar 21, 2024, 06:54 PM

Mar 2024

The Federal Student Loans do NOT require co-signers.

This appears to be Discover Private student lending.

The SAVE program (which is fabulous) only applies to Federal Loans.

I asked for the OP to provide more details - this is a clusterfuck and based on what is provided it feels as if there is a combination of predatory lending, misrepresentation and misappropriation of funds by Son in Law and daughter and putting two retirees in a hopeless situation that may only be solved with a good Consumer protection attorney and bankruptcy to protect the retirees.

The Son in Law and Daughter May have to handle this separate and their situation a far greater mess needing other intervention beyond bankruptcy….the immediate concern is for our DUer and his wife.

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I am in the grips of a student loan nightmare. I know many are receiving good news on this [View all] theophilus Mar 2024 OP

There are attorneys who specialize in debt issues. madaboutharry Mar 2024 #1

Have you looked into getting a "co-signer release". I think some private walkingman Mar 2024 #2

If one of your senators or rep is democratic, you could try reaching out to them. CrispyQ Mar 2024 #3

Can you please provide more information - having more details would allow for best advice Pachamama Mar 2024 #4

More info theophilus Mar 2024 #13

Thanks for explaining more details - it helps to understand the situation better Pachamama Mar 2024 #15

Thank you so much. You have given me much to consider. n/t theophilus Mar 2024 #16

❤️ littlemissmartypants Mar 2024 #5

I am so sorry for your situation. Joinfortmill Mar 2024 #6

Discover was sued and settled and is considered a predatory lender Pachamama Mar 2024 #9

$800/month on $75k seems high.... Think. Again. Mar 2024 #7

Based on the limited data he provided - it appears this was not a Federal student loan Pachamama Mar 2024 #8

I didn't realize all that, sounds messy. I wish them all the best... Think. Again. Mar 2024 #10

Just found this on Consumer Affairs regarding Discover Pachamama Mar 2024 #11

As I said, "the Biden administration has also done good work providing relief for victims of predatory lending"... Think. Again. Mar 2024 #14

Kick.......... Upthevibe Mar 2024 #12