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Unemployed and can't make payments. Co-signer won't cooperate

Date: Wed, 04/08/2009 - 13:31

Submitted by anonymous
on Wed, 04/08/2009 - 13:31

Posts: 202330 Credits: [Donate]

Total Replies: 1

Unemployed and can't make payments. Co-signer won't cooperate


So I have 100k in private student loans from Sallie Mae. My payments have been pretty high, $750/mo which mostly goes towards the interest. I have been faithfully making payments each month for over a year but I recently lost my job and became unemployed. I contacted Sallie Mae to find out what my options were. I was told I could apply for an Economic Hardship Forberance to help bridge me to my next job.

The problem is that I have a co-signer on this loan which Sallie Mae requires his information as well. Unfortunately my co-signer refuses to sign any forms even though defaulting will affect his credit as well....he isn't very bright. Anyways, I have been trying to explain to Sallie Mae that my co-signer won't cooperate with me and that it is immpossible for me to make any payments. But they tell me that my only other option is to pay.

Does anyone have any suggestions as to what I should do? My co-signer won't talk to me directly and Sallie Mae won't approve my forberance. I'd try to refinance to get my co-signer off the loan, but my credit has been ruined over these student loans over the past 3 years.