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Who is responsible if 2 people co-signed a student loan which the student defaulted on?
In the US, a cosigner can be removed from a loan if the original borrower consolidates his/her loans in only their name. To get help with the consolidation of defaulted loans, click on the link at the bottom of this text box.
What else can I help you with?
What kind of agency is The Student Loan People?
The Student Loan People is an agency that specializes in student loans. They are located in Kentucky. They work with people getting student loans, collections and repayments of student loans.
What percentage of student loans are defaulted on?
A very high percentage both in Canada and the U.S. I live in Canada (don't think the U.S. is much different when it comes to student loans) and the loan is difficult to pay off. Presently, our government is going to make it easier for students to loan money. Most parents can't afford to pay all the expenses that a student requires, and, if a government is smart, they will come to realize that students can't work 1 - 3 part-time jobs to pay for college (books and tuition is becoming more expensive every year) study, and be expected to retain good health. It's stupid! I know several young people in my town and they would rather work 2 - 3 jobs than take out a student loan. If the student is a very good student, then I feel the government should kick in SOME financial help free of charge to get that student the best education possible. Sounds like I'm from Russia, but that's how they do it. In Russia the student could be from a wealthy family, but the student could be as bright as a bag of nails, but another student from an average to poor family could be highly intelligent and the government will pay for their education. Makes sense to me. I did go to University for a short time and found that there were a lot of "bench warmers" sitting there killing time. I knew students that were like this and either they eventually quit or their parents paid their way through. My opinion only, but, dead wood should be kicked out and those that are serious get good education without having a debt for the rest of their lives. If you can get away without a student loan try. Only use it as a last resort. Check into it and see what it will cost you in the long run. It's a shame to see the waste of a beautiful mind! Good luckMarcy In the U.S. the percentage of defaulted student loans is much lower than most people believe. Defaulted loans reached their highest peak in 1990 at 22.4% when the government allowed loans to be used at almost any institution that even vaguely resembled a form of educational purpose. The percentage of defaulted federal student loans in 2003 through 2005 averaged 4.9%.
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
What do i do when a mortgage account is showing up on my online banking when i only cosigned i have BOA and the loan is with a carrier through BOA I'm not the primary can escrow fix this?
You cosigned the mortgage. If the are now taking the money out of your account to pay the mortgage, it means the other people are no longer paying their mortgage. First: You should contact the other people and see if they actually are skipping payments. If they are skipping payments, then since you cosigned the mortgage the bank will take the money from your account to pay the mortgage. Second: If they are paying the mortgage, you should contact the bank and find out what is wrong. Third: No. Escrow will not fix this. Escrow serves a totally different purpose. It is a way to spread out the taxes over a year's time. 1/12 of the years taxes and insurance are put into an account.
If you cosigned on a car loan and the car is in an accident am I liable?
That depends on whether your name is on the title also. Not everyone who co-signs has their name on the title. However, you should consider something else. People who need a co-signer generally have a poor credit record. Many do not follow through with responsible car ownership and allow their insurance to lapse. If they wreck the car they stop making payments. In that case the lender will go after you for the balance on the loan.
Can you just pay the principal on your defaulted student loan?
No ... you will need to pay the entire 'financed amount' that includes the interest charged. One needs to call the student loan people and get a 'payoff amount' from them first.
You had a car repo 8 yrs ago that your exhusband cosigned for and they just now are wanting the money is he equally responsible for what you owe on it or just you we divorced 2 years before your repo?
You are both equally responsible for the money owed on the car because it is on both of your credit reports; cosigning makes both people responsible for the payments.
Are you responsible for a student loan from when you were 17 years old during 1986?
Morally, you're responsible for any and all borrowings of other people's money. Honor and integrity are worth a lot more than a few dollars.
What kind of agency is The Student Loan People?
The Student Loan People is an agency that specializes in student loans. They are located in Kentucky. They work with people getting student loans, collections and repayments of student loans.
What is responsible fot the differences in people?
DNA is responsible for the differences in people.
What percentage of student loans are defaulted on?
A very high percentage both in Canada and the U.S. I live in Canada (don't think the U.S. is much different when it comes to student loans) and the loan is difficult to pay off. Presently, our government is going to make it easier for students to loan money. Most parents can't afford to pay all the expenses that a student requires, and, if a government is smart, they will come to realize that students can't work 1 - 3 part-time jobs to pay for college (books and tuition is becoming more expensive every year) study, and be expected to retain good health. It's stupid! I know several young people in my town and they would rather work 2 - 3 jobs than take out a student loan. If the student is a very good student, then I feel the government should kick in SOME financial help free of charge to get that student the best education possible. Sounds like I'm from Russia, but that's how they do it. In Russia the student could be from a wealthy family, but the student could be as bright as a bag of nails, but another student from an average to poor family could be highly intelligent and the government will pay for their education. Makes sense to me. I did go to University for a short time and found that there were a lot of "bench warmers" sitting there killing time. I knew students that were like this and either they eventually quit or their parents paid their way through. My opinion only, but, dead wood should be kicked out and those that are serious get good education without having a debt for the rest of their lives. If you can get away without a student loan try. Only use it as a last resort. Check into it and see what it will cost you in the long run. It's a shame to see the waste of a beautiful mind! Good luckMarcy In the U.S. the percentage of defaulted student loans is much lower than most people believe. Defaulted loans reached their highest peak in 1990 at 22.4% when the government allowed loans to be used at almost any institution that even vaguely resembled a form of educational purpose. The percentage of defaulted federal student loans in 2003 through 2005 averaged 4.9%.
What is responsible for the differences in people?
DNA is responsible for the differences in people.
Does college make you a better person?
It can make you responsible or it can lead to you being irresponsible. The key is accepting that as a student, part of your responsibiliy is to complete homework assignments on time. Those who do that become responsible and those who don't become irresponsible. The habits, whether good or bad, can and do follow people throughout their lives.
Why did poor people object to the oilgarchy of athens?
If farmers defaulted on loans, they would be sold into slavery tin other city-states.
How can you be a cosigner if the title is in the name of the person you cosigned for?
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
What is the motto of People to People Student Ambassador Program?
People to People Student Ambassador Program's motto is 'Promoting peace through understanding'.
What was the process for picking and then packing grapes during the 1930?
Learn to be responsible and research it yourself istead of asking people who may not even know the answer. You are a disgrace as a Dever School student and as a fifth grader.
