Need help, cosigned on a Key Bank Student Loan

i feel your pain..i am a cosigner on my sons aviation loans through keybank over 80,000$-well he graduated and was making 15.00$ an hour as an airline pilot and defaulted because he couldnt keep up on his loans..well i am a single mother of three boys and now have bad credit and am unable to refinance my mortage due to this..i offered to pay them the most i could 160$ a week so they wouldnt put a lien on my house and they said forget it-they want the 80,000k in a lump sum or nothing else...help!

The US Congress enacted the law that straps all student loan borrowers into a lifetime of payments. Universities have inflated tuitions and fees at a rate far exceeding inflation. The economy has tanked keeping people who formerly would have retired in the workforce until they die and taking the jobs away from the college graduates. So, recent college student borrowers have been snafued by events. Just like a tornado or a flood. The banks charge the full rate of interest on student loan that they charge on any unsecured loan. There really is no discount for the "lifetime guarantee" of a student loan. Banks are making a fortune on these student loans. The collapse of the economy, the profits made by colleges and the profits being made by the banks are all at the expense of these college students and their cosignor parents. If student loans were at 3.5% like they used to be, and income based payments were the law for all student loans and not just the federal ones, then it might make some sense the loans are non-dischargeable. But, as they are, why should a student loan be handled differently than a credit card loan, car loan, home equity loan? Those loans can be discharged based on a judge's critical assessment of an individual's situation. Why aren't all loans non-dischargeable? What is special about students? The Congress decided on numerous occasions that it was best for students to make student loans non-dischargeable so the banks would offer them. But, in the end, they were wrong. That was another decision made in a world of economic prosperity and growth, where good-paying entry level salaried jobs were waiting for all college graduates. Those days are gone for at least another decade. Congressional decisions based on prosperity are now wrong. We now have an entire generation of college-educated young adults who will lose at least a decade of the kind of life their parents had (including SoapLady) to the debt that Congress made available to them with the "devil's deal" of exchanging a college diploma for their life. Yes, it's reality. It's a terrible reality. Congress is to blame. Do banks take advantage of this reality? Of course they do. The goal of a bank is to make a profit. Student loans are extremely profitable because the interest rate is high and the default rate is near zero. Banks are going to promote those loans in every way they can. Do we blame senior citizens when some contractor gets them to sign for work they don't need? No, we blame the contractor. These seniors are adults, just like 18 year olds. There is too much self-centered thinking on this topic from people who say "I paid my loan, why don't you pay yours." But, the courts discharge loans every day, just not student loans, thanks to Congress.

I have always been critical of private loans.....they are not necessary to get a good education. If you cant afford college, you dont go...or you choose a cheaper option. Community college for two years and then a state college. If you agreed to cosign, why shouldnt you be held accountable?? You could have said simply no.... You had the ability to influence his choice by simply refusing to sign.

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