Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Student Loans
Profile Image

Question By
gramzilla8

0 Contributions
0 People Helped
Is there any advice for a duped parent? took out the student loan in my name.. any remidy?
I took out a student loan, assuming my child was the primary on the account. I was naive. I am the account holder and she dropped out and is now refusing to pay the bill. Aside from taking her to court.... any ideas? I am now in forbearance. Please help.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
88 Contributions
382 People Helped

duped parent

Your financial obligation is identical whether you are the primary or the secondary on the note.  So, that would do nothing to change your current situation.  If the primary isn't paying, then the secondary is JUST as obligated to make the payment.  That is why a creditor will seek a secondary if the primary isn't capable of repaying the loan.

Ultimatly, the only solution here would be for the your child to assume financial responsibility and refinance the note in their name alone which doesn't sound like it will happen and thus you are stuck.  Sorry to bear the bad news there.  I see this all the time on mortgages where a divorced couple get's the home in the divorce and then promptly stops paying or pays late and trashes their ex's credit out of spite.   Nothing you can do save pay the note yourself.  :-(

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.