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Financial Planning / Paying For College


Subject:  Be Aware of Lender Strategies Date:  9/25/2012  5:20 PM
Author:  inparadise Number:  7979 of 8314

I may be one of the few out there who is unaware of the following, though clearly my neighbor was as well. This is an anecdote to warn you how easy it can be to wind up owing money to a student loan lender, or being an unintentional co-signer.

My neighbor was telling me that she has been informed that she is responsible for her son's student loan, which he is unable to pay. Not remembering ever signing for a loan, she asked that the lender send her the documentation proving that she cosigned. Indeed, no physical signature, but the "electronic" signature, which consisted of typing her SS# in a particular spot was all the lender req