Never, never, cosign for a student loan. You will live to regret it.
My husband cosigned for a student loan in 2005 for $13,800. The last nasty letter received in April said he now owes $20,000. He never got any signed loan documents or anything. Just threatening phone calls and nasty letters. He has been reported to all three credit bureaus as delinquent. It's not delinquent - it's deferred. My husband will be dead before this loan is ever paid off!
If and when this loan is ever paid off, my husband will have paid over $100,000! Is that fair??? They will also put a lien on my home as well since there is no statute of limitations on student loans. What kind of crap is that anyway?
Sallie Mae is clearly commiting fraud and collusion and I can prove it. How can they get away with this? They increased the interest rate but never said how much they were increasing it for. They will not give my husband any concrete proof that he owes this much money. We get 6 threatening phone calls daily. The last call threatening to garnish my husband's wages.
I have written letters to the credit bureaus and to Sallie Mae to prove in writing what my husband owes. They refuse to comply.
I have also contacted 2 attorneys in Las Vegas to help but all I get from them is lip service. I want to file a lawsuit against them. Is there anyone out there who can help me?
Since this problem is nation-wide, I will contact every district attorney and attorney general in the country if I have to. These people are loose cannons out for blood and will stop at nothing to get their almighty buck! They are ruining people's lives in the process. That is unethical and unfair.
I believe they are targeting low income families and charging excessive interest rates. These people need to be stopped!
What is it going to take to get these bottom feeders to back off?
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