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I co-signed on a student loan for my little brother like a moran
Posted on 10/23/14 at 10:21 am
Posted on 10/23/14 at 10:21 am
TL;DR: I'm co-signed on a loan and want to get my name off it.
So my parents have awful credit, and my little brother needed a student loan to stay in school. He comes to me with his pockets turned out, asks me to sign for him for a 14k student loan. I say ok. Big fricking mistake, although I'd hate myself if him not getting the loan was the reason he dropped out. I say that, but he eventually dropped out anyway to go to Afghanistan for a year with the army, so I guess that's noble.
He comes back and misses the deadline to enroll in school again because he is lazy. So he has 6 months until the next semester where payments are due. He misses them twice (its about $150 a payment) and when I call him on it (I'm getting letters that my wife sees, so you can guess how popular he is in the house right now) he blows me off as if it's not really important. I tell him 'XXXX, if you can't make a payment, tell me. I will handle it, but I don't want missed payments showing up on my credit.' He says ok.
Then it happens a second time. I call him again. He gets mad at me like I'm the a-hole here, and he submitted the loan to be deferred a month previous because he is back in school. Well the payment hits the 30 day mark and the deferment is still in process, and he refuses to pay. So now I have to make the payment because he wants to wait for the deferment to hit, whenever that may be, and he could give two shits.
So now I'm married and have a baby on the way, have kept my credit as pristine as possible. How do I get my name off the loan?
So my parents have awful credit, and my little brother needed a student loan to stay in school. He comes to me with his pockets turned out, asks me to sign for him for a 14k student loan. I say ok. Big fricking mistake, although I'd hate myself if him not getting the loan was the reason he dropped out. I say that, but he eventually dropped out anyway to go to Afghanistan for a year with the army, so I guess that's noble.
He comes back and misses the deadline to enroll in school again because he is lazy. So he has 6 months until the next semester where payments are due. He misses them twice (its about $150 a payment) and when I call him on it (I'm getting letters that my wife sees, so you can guess how popular he is in the house right now) he blows me off as if it's not really important. I tell him 'XXXX, if you can't make a payment, tell me. I will handle it, but I don't want missed payments showing up on my credit.' He says ok.
Then it happens a second time. I call him again. He gets mad at me like I'm the a-hole here, and he submitted the loan to be deferred a month previous because he is back in school. Well the payment hits the 30 day mark and the deferment is still in process, and he refuses to pay. So now I have to make the payment because he wants to wait for the deferment to hit, whenever that may be, and he could give two shits.
So now I'm married and have a baby on the way, have kept my credit as pristine as possible. How do I get my name off the loan?
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Posted on 10/23/14 at 10:25 am to cokebottleag
quote:
How do I get my name off the loan?
you can't. Just make the payments yourself and hound your brother for as much money as he can give you.
Posted on 10/23/14 at 10:28 am to cokebottleag
quote:
How do I get my name off the loan?
Check your paperwork. Some loan companies offer cosigner release after 24 months consecutive, on-time payments. You might have to bite the bullet and make the payments for him during that time. After that, I wouldn't do a damned thing for him.
Posted on 10/23/14 at 10:28 am to cokebottleag
No one will screw you over money faster than family. It's a pretty sad fact. I hope your brother comes around to owning up to his debit, but chances are that you'll end up paying off that loan to save your credit.
Posted on 10/23/14 at 10:31 am to cokebottleag
1). Well, that's a relatively expensive lesson on why you don't cosign loans.
2). Your brother has some serious growing up to do.
3). Have fun making the payments.
2). Your brother has some serious growing up to do.
3). Have fun making the payments.
Posted on 10/23/14 at 10:35 am to the808bass
quote:
like a moran
But I thought you were dead Bugsy
Posted on 10/23/14 at 10:37 am to Wtodd
I think every family member should get one shot. It's hard to build credit without help. But after that one shot, that's it. My mom cosigned for my first car I paid it off in 3 years no missed payments. That helped me out a lot. But my mom told me if you are so much as 1 minute late on one payment don't ever ask me for a cracker again lol
Posted on 10/23/14 at 10:39 am to cokebottleag
quote:
cokebottleag
I have over 800 as a credit score. I have been asked many times to help family members because they are poor and or have terrible credit.
I have always refused to help for that reason. It may make me a dick but I will help with money or whatever I can afford but I am not putting my name on anything that requires payment. Nope Nope Nope
Posted on 10/23/14 at 10:50 am to Prettyboy Floyd
quote:
I have always refused to help for that reason. It may make me a dick but I will help with money or whatever I can afford but I am not putting my name on anything that requires payment. Nope Nope Nope
Yep, it's much easier to say yes than it is to say no. I'm glad nobody said yes to cosigning with me, as I dropped out for a few years and proceeded to act irresponsibly (over a girl of all things).
Anyway, it made me value the struggle to get where I'm at on my own. If someone would have bailed me out, I would have pissed all the money away, had no degree to show for it, and have a family member that hates me.
Posted on 10/23/14 at 10:58 am to Prettyboy Floyd
quote:
I have over 800 as a credit score. I have been asked many times to help family members because they are poor and or have terrible credit.
I have always refused to help for that reason. It may make me a dick but I will help with money or whatever I can afford but I am not putting my name on anything that requires payment. Nope Nope Nope
This. Because family will inevitably pull the "we're family, so I can skimp out on a payment, or they'll forgive my debt because...well it's family."
Posted on 10/23/14 at 11:06 am to cokebottleag
Always nice to know that I am not the only person on the Rant with a bum brother.
Posted on 10/23/14 at 11:08 am to cokebottleag
my parents didn't cosign on my attempts for a student loan and as much as they drive me nuts in their current form, i love them for it.
i only took 6 hours that semester and then was able to save enough to not have to borrow again after that by working.
interestingly, my sister had to have help and they cosigned for her. I don't think she missed any payments, but she doesn't give a crap about my parents credit score or her own, but she left school with debt and i did not.
i only took 6 hours that semester and then was able to save enough to not have to borrow again after that by working.
interestingly, my sister had to have help and they cosigned for her. I don't think she missed any payments, but she doesn't give a crap about my parents credit score or her own, but she left school with debt and i did not.
Posted on 10/23/14 at 11:16 am to Prettyboy Floyd
quote:
I have always refused to help for that reason. It may make me a dick but I will help with money or whatever I can afford but I am not putting my name on anything that requires payment. Nope Nope Nope
Yeah I wish I had done that. I wish I had done that when my parents asked for a $2500 loan as well. I never expect to see that money again and don't even ask.
I'm done with financial help for any family. Period.
Posted on 10/23/14 at 11:39 am to cokebottleag
quote:
when my parents asked for a $2500 loan as well
First off that shouldn't have been a loan...
Posted on 10/23/14 at 11:41 am to bdv1974
Yeah I didn't really expect any repayment and treated it like a gift. THEY are the ones that insisted it be a 'loan'. Whatever.
Posted on 10/23/14 at 12:41 pm to cokebottleag
Sorry bro. You are fricked. both by the loan and your brother. What a douche bag.
You could sue him.
You could sue him.
Posted on 10/23/14 at 12:49 pm to cokebottleag
Ill loan people money, but frick putting my name on anything for them. Not worth it.
Posted on 10/23/14 at 12:51 pm to Pavoloco83
What kind of loan? Is it a federal student loan or a private one? If it's a Ford Direct Student loan I'm pretty sure you put references but those are guaranteed by the feds. If you aren't just a reference but actually did co-sign on the loan, well, I think that's the whole idea of co-signing and you may be out of luck.
Posted on 10/23/14 at 12:53 pm to NEMizzou
Sorry, just wanted to add that on the federal loan my brother had he put my grandmother on there as a reference but not a co-signer. She got several calls from the feds asking her to either give up his contact information or pay for him; she did neither. Probably a different scenario for you but just confirming it's not a federal loan, in which case they might just be harassing you but can't do anything about it.
Posted on 10/23/14 at 12:54 pm to cokebottleag
quote:
Yeah I wish I had done that. I wish I had done that when my parents asked for a $2500 loan as well. I never expect to see that money again and don't even ask.
At the risk of offending you, that's a really shitty thing for your parents to do to you. Putting a child in that situation is pretty poor form.
Personally, Id rather live out of my car for a few months than ask family for money.
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