cosingor

A lot of people do not have jobs in there field...your grandson needs to step up and find a job doing whatever, even if it means working two jobs. Why on earth did you cosign if you did not have the ability to pay it if he defaulted? What about his parents?

Hiding assets by removing your name is frowned upon by the courts...and they will ask about it if they sue you. If you have wages and they get a judgment, they can garnish you.

Private loans cannot take your income tax return.

My grandson has not went into default yet he is still in deferment. I cosigned thinking I was helping him and I had cosigned for my granddaughter his sister with no problems. I guess I did not fully understand what I was getting into. His parents are have bad credit and are losing their house. needless to say they are not good with money. Could they help him yes but for some reason this is not their first priority even though they came to me asking me to cosign. Could I pay this money back yes but it would cause hardship on us. So if the loan company sues can they garnish my social security? Can they put a lien on my house? I own a family cottage with my brother and his wife could they put a lien on that home?

Social Security wages cannot be garnished for private student loans. If they sue you and obtain a judgment, they can lien your properties and levy your bank account. You would have to prove that the money deposited into your account comes only from Social Security in order to retain the funds.