Pretty much as the title says. I know it was incredibly dumb for me to have done that, please nobody worry that I don’t understand that lol. I have been beating myself up about it for a while but unfortunately there’s nothing I can do but move forward with reality.
When I was 22 she desperately needed a cosigner as her parents were unable to do so and begged me to co-sign for her. I have been requesting for years for her to take me off the loan or refinance in some way so I’m not associated. Last spring she said it was in the process of happening, which clearly was not the case.
I have been getting calls from Sallie Mae over the last three months. I called and texted this girl (let’s call her Mads). I tried several times to contact Mads and ended up messaging her on Instagram a few times before she responded and said that’s odd, I should have auto-pay on, I’ll look into it. That was 2 months ago and nothing has changed. I have repeatedly tried to make contact since then and she is ignoring me completely.
Sallie Mae recently emailed me (and her I assume) that they will report it to the credit companies on 01/20. I am especially frustrated because I am about 4 months away from paying off all my credit card debt that I accumulated from Covid. I have worked VERY hard to build my credit back up and I’m terrified at the prospect that it’s about to nosedive again.
With all this said – what are my best options? I know none of them are going to be \*good\* options. The loan is only at $12-13k right now. If I do end up paying it for her, is there any legal recourse for me? Or should I take billboards on it her town saying “my name is Mads, I beg my friends for help and then screw them over, don’t trust me”? (Kidding on that last one, imagining revenge has helped me get through this).
Co-signed friend’s student loans 9 years ago. She is has stopped paying. What are my best options?
byu/AnsleyStar inStudentLoans
Posted by AnsleyStar
12 Comments
You co-signed the loan, so you share equal responsibility with her on paying it. There is no recourse there – you agreed that if she doesn’t pay, then you will.
If you don’t want the loan to default, and she won’t pay it, your only recourse is to make the payments yourself.
Your options are to pay it and take her to court, or not pay it and let it screw up your credit at which point Sallie Mae takes you to court for nonpayment and possibly wage garnishment, and maybe they’ll let you settle, and then you can take her to court.
I don’t think you have any good options. Take the credit hit or pay them? Offer her a lump sum to refinance but only pay her once it’s approved and your name is off the loan? Reach out to her friends and family and embarrass her and ask them for money?
Take her to a Judge Judy/Mathis TV Show style courtroom!
At least then it’ll be somewhat entertaining!
Pay it and have some sort of ceremony that 1) celebrates how much of a bad ass you are that you can afford to bail yourself out of a decision you made when you were young 2) feels like a F-you to your ex friend but doesn’t result in a defamation lawsuit . Ie reword the billboard to celebrate you 😂
Get a super great lawyer and start the minimum payments and see where you can get with it legally. Also, what a POS for doing that to you. Don’t keep beating yourself up about it, everyone in life makes dumb choices one time or another.
You should do everything you can to prevent it from going into default.
1. are these federal loans or private?
2. Have you called Sallie Mae yourself to find out the situation? Do that today.
3. find out what the minimum monthly payment will be and start making it, meanwhile file against her in court to at least get the judgement even if she can’t or won’t pay.
4. Do you think she can pay and just isn’t or is there a financial or health issue preventing it?
**My neice jerked me round yrs ago on sumthang simular…not much $..jest sumbodies word….aft that…how do U spell…S-U-C-K-E-R**
All I have to say is that I’m sorry your act of being kind is being thrown into your face now. I hope you don’t beat yourself up too much about it 🫶🏻 you were just trying to be a good friend. Honestly I might just pay it off myself to get rid of her. The cost of taking her to court would be a lot and technically per the contract you’re stuck. You’re a kind human being though never forget that
Your options are to not pay it and take the credit hit while risking legal proceedings and possible garnishment, pay it and do nothing, or pay it and file a lawsuit against her for reimbursement.
Being a cosigner is not a “one and done” thing. It is a guarantee that for the duration of the loan, you agree that you will pay in the event the primary borrower does not. What you describe is the loan working exactly as intended.
Yes, you could take out billboards, but those would be paid for out of your own pocket and you could not seek restitution for them.
You need to pay YOUR loan. You see, it’s just as much ch your obligation as hers.
Sue her in small claims court? Sounds like it might be at the limit $10-$15k