General Discussion

Yo_Mama

(8,303 posts)

43. She took out the loan too. That's what cosigning is. If she hadn't signed for the loan,

Tue Jul 5, 2016, 08:54 AM

Jul 2016

she wouldn't have to repay it.

You are really saying that parents shouldn't be made to cosign for student loans. However, that would sharply increase loan rates, so that would hurt everyone.

She would be in a far, far worse financial position if her son had become ill/disabled and she was trying to help him out AND repaying the student loan.

NJ suggests that the families purchase life insurance for such tragic circumstances. That would have been the way to do it.

Alternatively, the state is purchasing life insurance by covering the unrepaid loans itself, and the cost of the loans goes up for every borrower. It's not like there is some "free" money out there. One way or another, the borrowers pay for all this, whether the loan is forgiven or not.

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Highlight:

N.J. Forces Mom to Pay Son's Student Loans: Murder 'Does Not Meet Threshold for Loan Forgiveness' [View all] Night Watchman Jul 2016 OP

If it's spelled out in the paperwork SickOfTheOnePct Jul 2016 #1

I guess she can carve "Doctor" on his headstone. Spitfire of ATJ Jul 2016 #65

Murder should be enough of a reason to drop loan charges, even after the fact. That mother should downeastdaniel Jul 2016 #78

I disagree SickOfTheOnePct Jul 2016 #80

Are you really sick of the 1 percent? ecstatic Jul 2016 #91

You can be sick of the 1% SickOfTheOnePct Jul 2016 #95

She co-signed on the loan, so she's liable for it. Just reading posts Jul 2016 #2

I did not see anything in the post.... chillfactor Jul 2016 #4

It's in the linked article n/t SickOfTheOnePct Jul 2016 #5

If she hadn't cosigned, she would not be liable. Period. Yo_Mama Jul 2016 #39

Bingo. Simple as that, but still very sad. tonyt53 Jul 2016 #51

Post removed Post removed Jul 2016 #13

Oh, no....! Just reading posts Jul 2016 #15

I feel sorry for her creeksneakers2 Jul 2016 #16

Ever notice Just Reading Posts doesn't seem to be just reading posts? shenmue Jul 2016 #17

Well, I'm a lawyer, albeit not from the State of New Jersey . . . MousePlayingDaffodil Jul 2016 #18

She cosigned all his loans... woolldog Jul 2016 #21

".......all the lenders forgave the debt except the state of New Jersey." WillowTree Jul 2016 #76

This article states that the federal loans were forgiven SickOfTheOnePct Jul 2016 #90

Where did you see this? SickOfTheOnePct Jul 2016 #82

I'm curious... kag Jul 2016 #67

How can an appeal to the Supreme Court occur SickOfTheOnePct Jul 2016 #84

Sorry, my bad. kag Jul 2016 #109

unbelievable! chillfactor Jul 2016 #3

If you co-sign any loan, you are still responsible if the other signer dies or becomes incapacitated thesquanderer Jul 2016 #6

You enjoy this type of society then? Isn't it great?? Nt lostnfound Jul 2016 #72

If you don't want to be responsible for a debt, don't sign for it. Is that unreasonable? (n/t) thesquanderer Jul 2016 #79

higher education in NJ is a complete failure NJCher Jul 2016 #8

Unfortunately that is the way it is. LiberalFighter Jul 2016 #7

nothing unusual about this Takket Jul 2016 #9

only it they cosigned the CC application. Cryptoad Jul 2016 #11

That's not true. yeoman6987 Jul 2016 #23

Yes. If there are assets in the estate to cover the deceased's debts........ WillowTree Jul 2016 #24

Yes, because it is a claim against the estate by a legal creditor Kelvin Mace Jul 2016 #32

Key words: "mom's estate." WinkyDink Jul 2016 #96

I see the point now. yeoman6987 Jul 2016 #100

Sadly, I learned this last October. But as an only child, it didn't matter; her "estate" was mine. WinkyDink Jul 2016 #102

Do you have a link to back that up? smirkymonkey Jul 2016 #12

Wrong. kcr Jul 2016 #19

Only out of the estate or if the heir(s) co-signed for the debt when it was incurred. WillowTree Jul 2016 #25

yeah you are right.... Takket Jul 2016 #54

No the family doesn't have to pay.......... mrmpa Jul 2016 #53

Only if someone co-signs for it Blue_Tires Jul 2016 #86

Hello,,,,,,,, Cryptoad Jul 2016 #10

was it signed by Chris Christie? yurbud Jul 2016 #14

Did every single poster who thinks this is just because she's a co-signer kcr Jul 2016 #20

Perhaps she didn't cosign on the other loans creeksneakers2 Jul 2016 #22

Not her loans personally. kcr Jul 2016 #56

It doesn't matter SickOfTheOnePct Jul 2016 #92

Oh, it's New Jersey. Well, okay then. kcr Jul 2016 #111

49 Other States Night Watchman Jul 2016 #33

49 other states weren't a party to this contract. AtheistCrusader Jul 2016 #60

Yes, it would be better if the article explained how it happened treestar Jul 2016 #42

I think that's because the article's explanation focuses on the systemic explanation kcr Jul 2016 #57

Of course she's responsible for the balance of the loan that she co-signed. Why wouldn't she be? WillowTree Jul 2016 #26

very sad situation. the plan was of course for the son to pay back by being able JI7 Jul 2016 #27

The article says she can repay it without being too financially affected. She is complaining Yo_Mama Jul 2016 #40

This might be one of the worst things I've ever heard. Initech Jul 2016 #28

I can't believe this is a Democratic forum Dems2002 Jul 2016 #29

Sadly I'm not surprised. It's a fuck off I've got mine and this doesn't affect me kind of country. onecaliberal Jul 2016 #31

It's a fuck off I've got mine and this doesn't affect me kind of country. SammyWinstonJack Jul 2016 #49

Nor can I Night Watchman Jul 2016 #36

Personally I think that student loan providers are horrible predators Orrex Jul 2016 #38

When student loans were dischargeable in BK, it was commonplace for people who could repay Yo_Mama Jul 2016 #46

I've read about that, though it was before my borrowing time. Orrex Jul 2016 #48

Making student loans dischargeable in BK would sure hurt loansharking banks brentspeak Jul 2016 #61

Rude and false, bud. Yo_Mama Jul 2016 #71

Exactly..the people complaining about this skepticscott Jul 2016 #74

Give me a break Dems2002 Jul 2016 #112

If you want to argue for free college education, fine skepticscott Jul 2016 #113

Right it's the fault of students... Dems2002 Jul 2016 #114

In NJ's case, the loans were advanced not by the taxpayer brentspeak Jul 2016 #110

Believe it. The party's current chair supports payday loan sharking. closeupready Jul 2016 #50

I'm seeing this more and more here.... Locrian Jul 2016 #55

Seen anything economy-related here lately? HughBeaumont Jul 2016 #58

I agree. People who see nothing wrong here because it's a matter of "Paperwork" BlancheSplanchnik Jul 2016 #64

Hear, hear! smirkymonkey Jul 2016 #66

Wrong, Smirkymonkey Night Watchman Jul 2016 #106

I can feel empathy for her loss SickOfTheOnePct Jul 2016 #108

It a legal issue for some of us. You signed a contract. What happened isn't the lender's problem. Shrike47 Jul 2016 #103

I'm pretty sure I'm going to be sorry I asked....... WillowTree Jul 2016 #107

k&r Liberal_in_LA Jul 2016 #30

Horrible. romanic Jul 2016 #34

She took out the loan too. That's what cosigning is. If she hadn't signed for the loan, Yo_Mama Jul 2016 #43

That is so sad, NW.. Is this christy's fault? Cha Jul 2016 #35

If not the co-signer, who should assume responsibility for the debt? Shrek Jul 2016 #37

The Lenders And Taxpayers ProfessorGAC Jul 2016 #47

The state? malthaussen Jul 2016 #59

How about the investors who funded the loan? brentspeak Jul 2016 #62

Why don't they explain how it happened? treestar Jul 2016 #41

hmmmm suddenly bernies plan makes more sense dembotoz Jul 2016 #44

Suddenly? lonestarnot Jul 2016 #45

one needs to be careful how you phrase things here..... dembotoz Jul 2016 #52

Welcome to the Neoliberal World Order... modestybl Jul 2016 #63

Life Insurance Urchin Jul 2016 #68

This is a hole in loan agreements bucolic_frolic Jul 2016 #69

Did anyone bother to Google this? Indydem Jul 2016 #70

Nope REP Jul 2016 #73

The "man’s killing remains unsolved", and it was "likely tied to drugs." So state the police... xocet Jul 2016 #77

More than one article out there. Indydem Jul 2016 #83

My apologies...I neglected to post a link as I was hurried.... xocet Jul 2016 #105

But the mother is the one paying and she didn't do those things treestar Jul 2016 #89

Lesson: Colleges, in the U.S., need to be free CobaltBlue Jul 2016 #75

What makes you think that anything is ever "free"? Huge myth. Someone always has to pay. Always. WillowTree Jul 2016 #98

Hmm, so New Jersey transferred some of the federal student loans into state student loans... haele Jul 2016 #81

NJ is the only state where this is legal? Ash_F Jul 2016 #85

DeOliveira needs to take New Jersey to court Blue_Tires Jul 2016 #87

Take them to court for what? SickOfTheOnePct Jul 2016 #88

In this circumstance? Yes.. Blue_Tires Jul 2016 #93

I don't believe it was ruled an accident. Fla_Democrat Jul 2016 #99

Move to Washington state for immunity ErikJ Jul 2016 #94

Not exactly n/t SickOfTheOnePct Jul 2016 #101

Depression is but murder no? PatrynXX Jul 2016 #97

She was a co-signer. That's why she's stuck. TexasBushwhacker Jul 2016 #104