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Need help, cosigned on a Key Bank Student Loan





Sub: Need help, cosigned on a Key Bank Student Loan
Wed, 04/05/2011 18:14

Hi,
I cosigned (BAD IDEA) on a student loan with my boyfirend so he could get a better interest rate. Our loan is with Key Bank. THe monthly payment is $800. Back in September, we tried to call and offered to pay half, the rep said no deal. Basically, they want a full payment or nothing. Well, we can;t afford 800 a month. Anyway, my boyfriend is going thru bankruptcy right now.

Does anyone have any experience dealing with Key Bank and their student loan program? I feel so stressed and basically screwed over because I have no debt hardly except for this AND i am trying to pay our bills and help him pay some of his bills..yada yada.

I just need to know what they can do to me since he is filing for bankruptcy??

I live in Florida and the loan is $100k.



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Sub: #1 I have always been critical of private loans.....they are not neWed, 05/04/2011 - 18:14



I have always been critical of private loans.....they are not necessary to get a good education. If you cant afford college, you dont go...or you choose a cheaper option. Community college for two years and then a state college. If you agreed to cosign, why shouldnt you be held accountable?? You could have said simply no.... You had the ability to influence his choice by simply refusing to sign.

Quote:
Student loans are extremely profitable because the interest rate is high and the default rate is near zero.


Huh?? On what planet? Private loan default rate is about in the region of 25%, federal is at 7%, down over the defaults of the 90's thanks to consolidation loan program.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com...imitation.html


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Sub: #2 The US Congress enacted the law that straps all student loan borWed, 05/04/2011 - 08:46



The US Congress enacted the law that straps all student loan borrowers into a lifetime of payments. Universities have inflated tuitions and fees at a rate far exceeding inflation. The economy has tanked keeping people who formerly would have retired in the workforce until they die and taking the jobs away from the college graduates. So, recent college student borrowers have been snafued by events. Just like a tornado or a flood. The banks charge the full rate of interest on student loan that they charge on any unsecured loan. There really is no discount for the "lifetime guarantee" of a student loan. Banks are making a fortune on these student loans. The collapse of the economy, the profits made by colleges and the profits being made by the banks are all at the expense of these college students and their cosignor parents. If student loans were at 3.5% like they used to be, and income based payments were the law for all student loans and not just the federal ones, then it might make some sense the loans are non-dischargeable. But, as they are, why should a student loan be handled differently than a credit card loan, car loan, home equity loan? Those loans can be discharged based on a judge's critical assessment of an individual's situation. Why aren't all loans non-dischargeable? What is special about students? The Congress decided on numerous occasions that it was best for students to make student loans non-dischargeable so the banks would offer them. But, in the end, they were wrong. That was another decision made in a world of economic prosperity and growth, where good-paying entry level salaried jobs were waiting for all college graduates. Those days are gone for at least another decade. Congressional decisions based on prosperity are now wrong. We now have an entire generation of college-educated young adults who will lose at least a decade of the kind of life their parents had (including SoapLady) to the debt that Congress made available to them with the "devil's deal" of exchanging a college diploma for their life. Yes, it's reality. It's a terrible reality. Congress is to blame. Do banks take advantage of this reality? Of course they do. The goal of a bank is to make a profit. Student loans are extremely profitable because the interest rate is high and the default rate is near zero. Banks are going to promote those loans in every way they can. Do we blame senior citizens when some contractor gets them to sign for work they don't need? No, we blame the contractor. These seniors are adults, just like 18 year olds. There is too much self-centered thinking on this topic from people who say "I paid my loan, why don't you pay yours." But, the courts discharge loans every day, just not student loans, thanks to Congress.


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Sub: #3 keybankWed, 03/23/2011 - 17:05



i feel your pain..i am a cosigner on my sons aviation loans through keybank over 80,000$-well he graduated and was making 15.00$ an hour as an airline pilot and defaulted because he couldnt keep up on his loans..well i am a single mother of three boys and now have bad credit and am unable to refinance my mortage due to this..i offered to pay them the most i could 160$ a week so they wouldnt put a lien on my house and they said forget it-they want the 80,000k in a lump sum or nothing else...help!


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Sub: #4 Thats like saying - Maybe if you went and worked for one of the Sat, 12/18/2010 - 13:31



Thats like saying - Maybe if you went and worked for one of the companies who handed out low-income families a home with variable rates on their mortgages then you would understand why they are foreclosing on millions of families because they shouldn't have ever bought a home if they couldn't afford it. Thats extremely one-minded, one sided of a viewpoint. If you explained to me your life from the beginning to the where you are now then I would better understand the reason why you believe such a thing. Until then, your viewpoint is irrelevant to me. You are the minority. You are the one who views the glass half-empty or half-full when the person should be saying: That depends. How did the water get into the glass? Was the water being poured into the glass? Because if it was in the process of being filled, then I would say it is half-full. If the glass was already full of water and someone decided to pour out half of it, then I would say the glass is half empty since it was in the process of being emptied.
If you only look at things in life through one scope then you will never reach full actualization or fulfillment in life.


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Sub: #5 My belief and a short story that applies....sorry for being verbSat, 12/18/2010 - 13:19



Quote:
There aren't enough jobs for all of the degrees that get pushed out every year. You do the math! Ignorance is bliss - so appreciate the opportunities you were given to all of you who criticize those who are not able to pay on their loans temporarily. I'm guessing you vote next to the letter "R" and have insensitive parents, living in a box your entire life and probably never stepped foot into a social services job.'
Amen to that!"

Are you being sarcastic or actually agreeing with my "specific" statement quoted? Should I presume you would be agreeing with my general viewpoint in all? Could you possibly elaborate more on your affirmation to my quoted statement or give me something more to respond to? Lol I always get into arguments with my girlfriends from the past several years especially. Texting has become a big problem in regards to understanding "how" their words are meant to be read. (Things like: inflection in voice, grammar/punctuation and not thinking before they would send a brief message) I would bet millions of couples have the same problem, misunderstanding what the other meant in their text messages (I guess emails too but I haven't experienced that, yet, since emails are typically more formally written.)
Sorry, little off subject, ADHD kicked in...Ha-ha.
I really hope the current administration starts working on Student Loan Reform. I hope they make the process harder to acquire a SL because they are very easy to get in my opinion. People that don't know how to get one probably shouldn't be trying to get a loan in the first place. I would say that would be the first sign that that person is a bad candidate (I can't say that to be true for every single person though. After all, parents need to take some responsibility in the process of educating their young adults.) If they would reform the way student loans are acquired and repaid, that would make a college degree mean something again. People are indirectly taught that one needs a college degree to be successful; however, that is no longer the case. In my personal life, I went to Catholic School my entire life and my guidance counselor died when I was in my time period to utilize their services for applying to college and/or learning about the process. I lived in a middle-class neighborhood and my parents were somewhere in the median regarding socio-economic income range. However, my perception of income, growing up, was blinded because my sister went through a very tragic accident when I was born in the early 80's. She experienced more pain than I can imagine (I don't feel it appropriate to elaborate.); therefore, my childhood was spent in hospitals in NYC, traveling and being left with other family members when they would go for major surgery's sometimes. My point is that it wasn't until I got out of college that I was told many things that were catalysts in me being "blinded" to our family's income. A law-suit was won for what happened to my sibling and that inflated my perception of our economic status. My father was/is a good man, but he is not the type of father that teaches, he just gives and he acted as more of friend than a mentor/teacher. My mother was the opposite so naturally I gravitated towards the "giver" as a child. He handled the paper-work of my student loans and I also was under the presumption (since my sister never owed on her loans) that my parents were helping pay for my loans while in college. THIS was not the case though. I was handed over everything after I graduated. To my dismay, reality set in, as well as anger.
Because of everything aforementioned, I knew that my biological age did not meet my mental age in speaking of "life skills". Things that we all learn or have to learn growing up b/c our parents are supposed to be teaching our kids these skills and showing us good work ethics. This was something I needed to learn very quickly, I still am learning more and more about life independent of them. But was it my fault I took out loans that I didn't understand? Was it my fault that I was too young to know what I wasn't being taught? That is for society to say because I have my own, bias maybe, opinions on that. Now, I owe a lot more than one's average loan is for college and just recently lost my job through wrongful termination. I could sue but I choose not to because I know the benefits of doing so will only be short-lived....no one would want to hire a person who sued their last employer, even though it would have been just (not frivolous). There are so many other factors that played into my situation; however, I wrote all of this to bring more of a specific story to how things can go wrong through no fault of the individual whose name is on the loan.
To explain this to anyone in a metaphor: People/kids/young adults are sometimes raised like animals. (I do not mean abused) But because their parents were raised by parents who were possibly born after/during the last great depression --- our parents knew what it was like to not have much and they gained a good work ethic (They learned a specific way of life) Because of this, our current parents treat their children like gold (they treat them the way they would have liked to be treated when they were young) --- This is not the right way to do things though. Going back, many were raised like animals....treated good, given what we needed to make us happy and not live like they did growing up. They don't always realize that the way they grew up was actually a good thing! It taught them the meaning of hard work or a good work ethic, but only because they were forced to learn these things. Now parents are releasing "animals" out into the wild (into the world) and they end up getting hurt or die because they were never taught or never realized how much certain parents did for them as kids.
You can't birth a cheetah within a zoo and take care of it all of its life in the zoo, behind closed doors, feeding it and providing for it and then after years of it learning these behaviors (or lack of learning behaviors) release the cheetah into the African safari.... The cheetah will die b/c it never experienced, was never taught, and never learned what the "real" world had in store for it. NO CHANCE -
SO, to everyone who is struggling with student loans, I understand your struggle if any of the aforementioned applies to you in any way. BUT, if you have troubles there is always a way. No matter how old you are, no matter how hard things get there is always someone who will take the time to listen or care. Find a mentor and remember it???s never too late to learn new behaviors or ways to succeed in life! Not everyone will get opportunities so you have to make them!
Please forgive anything I repeated or clarified more than once. I tend to be extremely verbose and once I think of something passionate that applies to a situation, I roll with it all the same. =)
Does anyone agree or disagree with me on anything in general with what I wrote/believe? ( I am not saying that this situation applies to everyone. Some people are just irresponsible.)
Thanks for reading,
G
P.S. - Please help bring STUDENT LOAN REFORM to the forefront in the next presidential election! It is my opinion that Student Loans is going to be the next HUGE bubble burst....and I do not want to be paying for anymore companies to "NOT FAIL"! =)


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Sub: #6 For starters, federal student loans DO offer deferments and foreFri, 12/17/2010 - 16:44



For starters, federal student loans DO offer deferments and forebearances up the wazoo plus loan cancellation opportunties and Income Contingent repayment options. It is the private loans that dont and if the student had gone to a school they could have afforded in the first place they wouldnt have to borrow private funds. I have little sympathy for those who borrow private funds too excess.

As to your assumptions, you are totally backwards. Maybe some of these degreed people who cannot find a job should go work collecting student loans. You would quickly change your tune.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com...imitation.html


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Sub: #7 Quote:There aren't enough jobs for all of the degrees that get pFri, 12/17/2010 - 15:42



Quote:
There aren't enough jobs for all of the degrees that get pushed out every year. You do the math! Ignorance is bliss - so appreciate the opportunities you were given to all of you who criticize those who are not able to pay on their loans temporarily. I'm guessing you vote next to the letter "R" and have insensitive parents, liviing in a box your entire life and probably never stepped foot into a social services job.

Amen to that!

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Sub: #8 Ignorance is BlissFri, 12/17/2010 - 15:39



You two so-called moderators are ridiculous!!! Student Loan providers should allow situational grace periods for borrowers because it would be in their best interest. If someone cannot pay for their loan due to economic troubles or because getting a college degree is basically the same as someone having their high school diploma 20 years ago. What I mean or should say is that if they allowed this "grace period" people would have less to worry about and could actually use the time that they don't have to pay on them to better their career and "get ahead" through experience in the work-force. Therefore, they could more readily pay off their debt. Its not that hard to understand that concept. Its also called compassion/empathy/having a heart/understanding. Ya know, the market is now saturated with college degree's. They are a dime a dozen and it no longer makes you any better than everyone else applying for a job; therefore, the amount people that get paid what we were all raised as children to believe (That you can only succeed and get a good job if you get a college degree). That is no longer true; however, we are now indirectly forced/pressured/taught to go to college and you'll make more than enough money to pay back your loans. This is the main problem! Anyone who cannot grasp that concept is ignorant of societal trends and more than likely was given an opportunity to succeed after college so they convince themselves that they "earned" it, when in fact, they were given a means to pay it back. I'm sure you answer to that is "No, I worked hard to get where I am!' Yes, I agree, working hard is a part of it. Of course, if you are someone who hasn't been given an opportunity to work hard at a meaningful job then you are stuck in the facet of life that all of the people who were given chances complain about. As human beings, we always try to make ourselves feel better about our accomplishments by putting others down. Think about the saying- IN A WORLD FULL OF SAINTS THERE IS ALWAYS A SINNER - then tell me or lecture us or whoever on "their lack of responsibility of paying back their loans" or how they should have known better than to take out so much money to "better themselves" - A college degree used to be a means to an end - now it is just a means we are taught to achieve, just to get into debt the rest of our lives. There aren't enough jobs for all of the degrees that get pushed out every year. You do the math! Ignorance is bliss - so appreciate the opportunities you were given to all of you who criticize those who are not able to pay on their loans temporarily. I'm guessing you vote next to the letter "R" and have insensitive parents, liviing in a box your entire life and probably never stepped foot into a social services job.
Thanks


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Sub: #9 Quote:Originally Posted by AnonymousPilot could I get your contaSat, 09/18/2010 - 10:50



Quote:
Originally Posted by Anonymous
Pilot could I get your contact info?
I want to hear more about this and your supposed success.


Read the thread...he more than likely did not get them discharged.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com...imitation.html


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Sub: #10 Quote:Originally Posted by AnonymousI had 113,000 worth of Key BSat, 09/18/2010 - 10:18



Quote:
Originally Posted by Anonymous
I had 113,000 worth of Key Bank loans discharged through bankruptcy last week. No co-signer. I can afford to live again. It is possible. Dozens of other pilots I know have done it.


Pilot could I get your contact info?
I want to hear more about this and your supposed success.


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