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Posted in Student Loans
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holdingbag

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co signed student loan. paid 10 yrs. only have $800 credited on acct. Is this legal?
showing up on my credit score but not on original loan maker. She filed for disability and was told this loan not affected by disability b/c private loan. getting many harrassing phone calls from collection agency but primary borrower is not.

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When you co-signed you where given lots of documents. you need to get all those documents out and start reading.

Sounds like you have been paying the min amount they have requested.  

that will prolong the payment period giving them TONS more money. 

Live and Learn. 

Pay as much as you can till it hurts and pay if off.

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You are getting the calls because

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Are because your are the Guarantor on the loan. That means you have to pay if the primary can not. They realise that she is on disablitly and that they will probably not get payment from her so they are going after you. 

Long term school loans can be a killer. The payments that have been made are primarily interest only payments. The only way to get ahead of these is to make large payments that will pay the minimum interest payment plus exrtra that would be applied toward the principle. 

As with most of these loans, you can expect to pay back 4 to 5 times the amount of the original loan.  A cushy deal for the banks,  set up with the Dept of Education, when free public colleges started charging tuition. 

Good luck

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