My mom cosigned a private student loan for a grand

My mom cosigned a private student loan for a grandson. He has another loan cosigned by his father, although his father contends it was done fraudulently. The grandson got his degree, but has made no payments on his loan. My mom started getting threatening letters and phone calls from the loan company, so she paid 4 months worth of payments. The father has convinced the grandson that if his grandmother had not made those payments, he would be able to get all his loans cancelled(because of the so-called fraud). So now the grandson is not going to help the grandmother pay any of the loan. Is it true there is any way to get student loans cancelled? The grandson got through college on someone else's money, but thinks he should not pay it back. Does my moom have any options for getting him to help her pay back his loan?

1 Answers

No...non of the loans will be cancelled...I dont know where the heck he  could have gotten that choice piece of information.  If the loan was fraudulently signed, the father will have to file a police report and prove that it is NOT his signature. If fraud is proven, the father's liability would be removed but that would not affect the loan that grandma signed for.  Of course there is the possibility that the grandson would go to jail for the fraud.

All parties need to realize that private loans DO routinely sue.  They pursue wage garnishment, property liens and bank levies.

How to Deal with Illegal Loans..OhioGal's Primer
PDL's are ILLEGAL in the following states...
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states

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