In 2000, I co-signed a student loan for my then-boyfriend. I really didn't understand the possible consequences at the time, but they are becoming more clear to me now.
He hasn't been paying his Sallie Mae student loan, which started at $16,000 and has now climbed to over $24,000 with all the interest. I spoke to him a few months ago for the first time in 7 years, and he said he wasn't going to pay and he didn't care if his credit was bad. He also insisted Sallie Mae is going out of business and it doesn't matter if he doesn't pay. Did I mention he's an idiot? Now I cannot get in touch with him because the phone number Sallie Mae had and gave to me is disconnected. He also mentioned to me he has 2 other loans with Sallie Mae with other co-signers that he's not paying either.
I have spoken to reps at Sallie Mae quite a bit, have deferred and put the loan in forebearance as much as they'd let me. I made a payment a couple years ago when I was buying my home and I didn't want negative feedback on my credit report. I am a teacher (in NJ) and not rich. I cannot afford to pay his student loan--I have my own loans and debt to deal with, and I want to start a family soon.
My questions are--if the loan defaults, what happens? I know there will be a negative mark on my credit report. If the loan goes to a collections agency, will they come after me or him? What happens if they come after me? Also, is there a way to get me off the loan as a co-signer? Is there any legal action I can take against him?
Any help would be greatly appreciated. I've been dealing with this mess for years now and I'm so frustrated...
He hasn't been paying his Sallie Mae student loan, which started at $16,000 and has now climbed to over $24,000 with all the interest. I spoke to him a few months ago for the first time in 7 years, and he said he wasn't going to pay and he didn't care if his credit was bad. He also insisted Sallie Mae is going out of business and it doesn't matter if he doesn't pay. Did I mention he's an idiot? Now I cannot get in touch with him because the phone number Sallie Mae had and gave to me is disconnected. He also mentioned to me he has 2 other loans with Sallie Mae with other co-signers that he's not paying either.
I have spoken to reps at Sallie Mae quite a bit, have deferred and put the loan in forebearance as much as they'd let me. I made a payment a couple years ago when I was buying my home and I didn't want negative feedback on my credit report. I am a teacher (in NJ) and not rich. I cannot afford to pay his student loan--I have my own loans and debt to deal with, and I want to start a family soon.
My questions are--if the loan defaults, what happens? I know there will be a negative mark on my credit report. If the loan goes to a collections agency, will they come after me or him? What happens if they come after me? Also, is there a way to get me off the loan as a co-signer? Is there any legal action I can take against him?
Any help would be greatly appreciated. I've been dealing with this mess for years now and I'm so frustrated...
