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Question about my exposure to adult skids defaulting student loans

Sarah101's picture

Submitted by Sarah101 on Fri, 08/07/2009 - 9:50am

Forums: 
Adult Stepchildren

Here's the situation, friends:

DH co-signed on student loans with two of his deadbeat adult children. One loan was signed before we were married, and the other after. The loans currently total $70,000.

Of course the deadbeats dropped out of college and are not making payments on their loans. DH cannot afford to make their payments either. So the student loans will go into collection pretty soon.

My question is: What's my liability and/or exposure to these loans that I had nothing to do with? Can a collection agency go after MY personal bank accounts because DH and I are still married? Can they put a lien on our house that is held jointly? Can they attack MY credit, which is seperate from DHs?

What can I do to minimize my exposure here?

BD goes to college in 5 years and I don't want to ruin her chances because of DH's financial baggage with his deadbeat kids.

Thanks--I appreciate any advice or guidance that you can give Smile

RB's picture

Submitted by RB on Fri, 08/07/2009 - 11:32am

Wow is all I can say. What a nightmare. My SKids all asked my DH and even me to co-sign for them on student loans. I just told them I couldn't do that for them and, although it made their Dad uncomfortable, he told them he couldn't sign for them either. They could ask their BM, maternal Grandfather, friends, someone-else. Not me or their Dad. It sounds mean, but hey, 3 out of the 4 SKids who went to college defaulted on their student loans. Now the loans are their problem. I'm not sure what your exposure would be here, but you may end up being responsible since you are married to the man that co-signed on these loans. I think you should contact some kind of a financial counselor to find out what can be done.