ch7 and future student loans

[sassy2112]

Just sharing some info that I have run into. I filed ch7 in 06 and have since done well in rebuilding my credit. My spouse and my incomes have increased substantially and all has gone well. Our fresh start really worked well thankfully. 8 years later our son is starting college this fall and of course he needs a cosigner for his student loan. Sallie mae turned us down as well as 2 other private lenders. We were only asking for a modest amount to make up for what his scholarship would not cover first year, which was 8000. I double checked all credit reports and all looked good except for the ch7 8 years prior. We make too much for any financial aid at all. I`m not looking for any sympathy as I know most on this site are in way a worse situation same as I was 8 years ago. I just wanted to share and vent for what I feel is an injustice for our children to suffer for a problem we took care of years ago! What really pisses me off is the fact that Dubya made sure it would be impossible to ever discharge student loans by anyone in the future and these people will still not give you a loan with any adverse items on report regardless. How do you ask any relatives or friends to cosign knowing you can never be let off the hook if yhe student can not repay in the future? Just another way to keep the poor poor and the rich rich seems to me!

[keepmine]

Prehaps try some student loan forums for some suggestions.

[TXskyblue]

That's how co-signing works. I agree about the non-dischargeability of student loans being bad, but that's getting into a political discussion that would best be left to other boards.

You said your son is just starting college now. Has he looked into doing the first two years at a community college? It would be significantly more affordable.

[LadyInTheRed]

You said your son is just starting college now. Has he looked into doing the first two years at a community college? It would be significantly more affordable.

This is an excellent suggestion. My father who is a retired professor from a State University, always said that you get a better education at community colleges where the teachers are not pressured to do research and publish and instead focus on teaching.

[sassy2112]

That's how co-signing works. I agree about the non-dischargeability of student loans being bad, but that's getting into a political discussion that would best be left to other boards.

You said your son is just starting college now. Has he looked into doing the first two years at a community college? It would be significantly more affordable.

I realize this isn`t a political forum, but the people we vote for does have consequences. When politicians and or presidents turn their backs on working class people in favor of corporate interests and or profits, it does become an issue for people on this forum to be aware of. I`m certainly not looking for sympathy. I was merely pointing out to people something that may affect theirs, and their childrens futures. If I cosign for my son and he is unable to payback in the future I can deal with that gamble since he is my son. However I would never ask anyone else to cosign due to the risks involved. The community college idea is a good one, however in this case it wouldn`t be any cheaper. He actually did very well in high school and received a substantial scholarship which makes it cheaper than community college. Of course that still leaves an amount that would have to be borrowed or paid as you go. It doesn`t seem fair to me to deny him a university education and experience that he has earned. Again. Just passing information o those on this ch7 forum that I can assume will be in the same boat some day. This may give someone time to plan for alternatives. I was caught by surprise on this and am trying to save someone else from the same fate.

[keepmine]

If both you and your husband have good jobs and have rebuilt your credit-what about applying for a personal loan at your bank or CU?

[Drazil65]

Also, just to add to this discussion, how many people do we all know (including some of us here) that never used the degree we got the first time around? Wasted 4 yrs and a lot of money because never went into the field for whatever reason. Its a shame most don't think about a community college up front, a more concentrated path to the job market. Then if more education is needed later let the employer help out with tuition reimbursement in some way.