I have a 19 year old son who has a 19 year old girlfriend. They attend the same school, which is a for-profit trade school.
My son was able to obtain enough financial aid and student loans to cover the cost of his tuition.
His girlfriend, however, received some grant money and financed the rest on student loans. Unfortunately, her mother was turned down as a co-signer and my son (God bless him) stepped in and signed on as co-signer without seeking any further advice.
In addition, the girlfriend is supposed to be making monthly payments to the school for the amount of tuition still not covered by financial aid or loans.
I desperately, desperately, desperately need to get my son off this loan as a co-signer.
Unsurprisingly, the relationship is going south, she's not working enough hours to pay her own monthly payments, he's thinking of transferring schools, and I have seen enough in the last year to know that the likelihood of her making ANY payments on her student loans is very, VERY low.
Neither of them grasp the long-term effects of these financial commitments and both whole-heartedly believe they will instantly get well-paying jobs upon graduation to pay off these loans in short order.
Can someone offer advice on how to get off this train before it wrecks?!!???
Thanks.
My son was able to obtain enough financial aid and student loans to cover the cost of his tuition.
His girlfriend, however, received some grant money and financed the rest on student loans. Unfortunately, her mother was turned down as a co-signer and my son (God bless him) stepped in and signed on as co-signer without seeking any further advice.
In addition, the girlfriend is supposed to be making monthly payments to the school for the amount of tuition still not covered by financial aid or loans.
I desperately, desperately, desperately need to get my son off this loan as a co-signer.
Unsurprisingly, the relationship is going south, she's not working enough hours to pay her own monthly payments, he's thinking of transferring schools, and I have seen enough in the last year to know that the likelihood of her making ANY payments on her student loans is very, VERY low.
Neither of them grasp the long-term effects of these financial commitments and both whole-heartedly believe they will instantly get well-paying jobs upon graduation to pay off these loans in short order.
Can someone offer advice on how to get off this train before it wrecks?!!???
Thanks.