Fighting Back

It is good that you have paid off the account in full. As a co-signer, you were legally liable for the debt also. But I don't think there is any point in nurturing such vindictive attitude. I know, what he has done is wrong. Any way, best of luck!! I hope you win the case and get your money back

You havent got a hope in hell of winning. Cosignors sign for the debt of their own free will...it is a risk you took. No one ever wins on these cases.

I do have a signature from him stating that he would agree to pay me if he defaulted... does this help?

So I am learning that not everything on here is correct... though generally so. Most of the responses state that Sallie Mae will not work with you to reduce balances but they agreed to dismiss all late fees and interest payments from the moment I explained to them what I planned to do. So... I actually paid $1,449.53 less than what the final payment was supposed to be. I have no idea why they did this... all I did was ask. However, I was in constant communication with them from the moment that I was informed that the account was delinquent. I did send in a written request for them to stop the phone calls and opened communication directly with their legal department. The two people helping me have been firm yet amiable. I have also learned that while only a small percentage of people gain judgements, it is better than the "no chance in hell response" I was given above. There is nothing to make this young man pay even a judgement but I am patient and by paying attention to the SOL plan to arrive at his doorstep at a time when it would be most advantageous. I often tell my students that while many things are improbable that does not mean they are impossible (this is extremely important for engineering students to understand... there is almost always a way... you might just need to change your perspective). What I do know is that for over 20 years I have helped many students when times were tough (paying light bills or buying groceries) and until this student did this I have never regretted helping. Two of my students were married and named their daughter after me (though I am male so figure that one out). Now, I help no one. By the way, I have just, since yesterday, found 2 people in my state that have won a judgement this way without a separate agreement and several more that have won because they had a signed agreement with the borrower. That does not mean I will win... but it does mean that I have more than a "Chance in Hell."

Sallie Mae did not dismiss all interest... just the interest that accrued while I was waiting for the loan to default. As I explained in my first communciation my limitesd legal counsel suggested I wait for the loan to default in order to verify that the primary borrower had no intention of paying the debt. So I did pay some interest on the balance... just a lot less than was on the pay off statement. Also... the quote should have been "hope in hell" not "chance in hell".