Co-Signer Fraud!
In 2007, I completed my undergraduate degree, seeking entrance in a online program. That completed in 18mts and once finished, I would have so many hours applied to my doctrine. While in undergrad, I used grants, scholarships, and government issued loans. During this time my husband and I worked for the same fast food chain. He was a general manager, and I was a intern for their HR department. My husband was fired and because of con-flit of interest they also terminated me. During this time frame, we were moving and trying to find a suitable fit within our time frame, we had been renting a home for 7 years and the owners wanted to sell it. So we had to be out. We had no extra money and no resources. So, I thought that maybe my finical aid disbursement would happen before we had to move. Unfortunately for me, because this was my first semester in this program , my disbursement would be issued three weeks after classes to ensure my enrollment. I applied for some private loans and was turned down based on my credit and my work history. I had to do something, so I asked my mother, father, and aunt. My mother tried but she had to much credit towards her debt to ratio, my father's new wife didn't feel comfortable and so he said no. Lastly, I asked my aunt. I wrote her a letter explaining my situation and that I needed to have a stable foundation around me to focus and try and get a job. She said let me think on it. The next day my aunt called my mother and said yes. Then she wanted to know about the lender. I called my school and requested information from my finical aid advisor and she gave me this reference. She explained how it worked and that a lot of students had been using them. I went online look them up did a little research and decided it was ok. I did an application for the private loan solely, and it returned conditionally approved. However, I needed a co- signer. So I contacted my aunt and explained all about the loan. The next step was to have your cosigner log on to that web site and register for the cosigner portion using my reference number. So she and I both did her registration and set up emails and PIN numbers. Once that was finished, the bank had to do their portion. They had to verify employment, salary, job status, and check stubs, home phone and address. The email stated that according to how long or fast, their process took that's however long the speed up would be.
The next evening my aunt called from her job, letting me know, that she had just spoke with them and all things looked good thus far. They just had a few more steps to take. A day later, I received an email stating that was approved, and that I needed to read and sign and set up my e-signature, and all of my info for obtaining the loan. Every document sent, was always sent to me first and then my aunt secondly. The check was sent straight to my home, via Fed- Ex, my aunt is a social worker so she followed me to the bank to cash the check and then she went back to her job, and I went back to my four children and husband. My plan was, after I had been into my first two classes, at least 4 weeks, I would inquire as to the status of my sub and unsub loan and once I received them,I would pay my aunt some back. My first semester, I made all A's and all of my loans were deferred and things were going good. My second half, I had problems, between the instructor and I over a grade he had given me. So I was instructed to file an appeal and the Vice President, would read it and either approve it or not approve it . However, the catch here was, that I had to sit an entire semester out, and the program would not allow me to do so. So I ended up filing the appeal, and going on line and finding a school
In 2007, I completed my undergraduate degree, seeking entrance in a online program. That completed in 18mts and once finished, I would have so many hours applied to my doctrine. While in undergrad, I used grants, scholarships, and government issued loans. During this time my husband and I worked for the same fast food chain. He was a general manager, and I was a intern for their HR department. My husband was fired and because of con-flit of interest they also terminated me. During this time frame, we were moving and trying to find a suitable fit within our time frame, we had been renting a home for 7 years and the owners wanted to sell it. So we had to be out. We had no extra money and no resources. So, I thought that maybe my finical aid disbursement would happen before we had to move. Unfortunately for me, because this was my first semester in this program , my disbursement would be issued three weeks after classes to ensure my enrollment. I applied for some private loans and was turned down based on my credit and my work history. I had to do something, so I asked my mother, father, and aunt. My mother tried but she had to much credit towards her debt to ratio, my father's new wife didn't feel comfortable and so he said no. Lastly, I asked my aunt. I wrote her a letter explaining my situation and that I needed to have a stable foundation around me to focus and try and get a job. She said let me think on it. The next day my aunt called my mother and said yes. Then she wanted to know about the lender. I called my school and requested information from my finical aid advisor and she gave me this reference. She explained how it worked and that a lot of students had been using them. I went online look them up did a little research and decided it was ok. I did an application for the private loan solely, and it returned conditionally approved. However, I needed a co- signer. So I contacted my aunt and explained all about the loan. The next step was to have your cosigner log on to that web site and register for the cosigner portion using my reference number. So she and I both did her registration and set up emails and PIN numbers. Once that was finished, the bank had to do their portion. They had to verify employment, salary, job status, and check stubs, home phone and address. The email stated that according to how long or fast, their process took that's however long the speed up would be.
The next evening my aunt called from her job, letting me know, that she had just spoke with them and all things looked good thus far. They just had a few more steps to take. A day later, I received an email stating that was approved, and that I needed to read and sign and set up my e-signature, and all of my info for obtaining the loan. Every document sent, was always sent to me first and then my aunt secondly. The check was sent straight to my home, via Fed- Ex, my aunt is a social worker so she followed me to the bank to cash the check and then she went back to her job, and I went back to my four children and husband. My plan was, after I had been into my first two classes, at least 4 weeks, I would inquire as to the status of my sub and unsub loan and once I received them,I would pay my aunt some back. My first semester, I made all A's and all of my loans were deferred and things were going good. My second half, I had problems, between the instructor and I over a grade he had given me. So I was instructed to file an appeal and the Vice President, would read it and either approve it or not approve it . However, the catch here was, that I had to sit an entire semester out, and the program would not allow me to do so. So I ended up filing the appeal, and going on line and finding a school
