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Need help, cosigned on a Key Bank Student Loan

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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.

Student loans including private loans are non dischargeable in bankruptcy. However during the stay period theymay still continue to call you since you are the cosigner and are not included in the BK. There is a possiblity that they might not. Hard to say.

Being cosigner, you have the same legal obligation as your boyfriend. Private student loans are expensive and they do actively either or both of you could end up with judgements against you.

You are not likely to get a lower payment. I looked at Key Banks site and the lowest interest rate available is 9.22% and that would put your interest each month at around $700 per month. Honestly, you need to find additional income to cover will not go away!

Sub: #1 posted on Fri, 06/15/2007 - 08:59


No true as of 2007 private loans are actually dichargeable under bankruptcy due largely to the efforts of Senator Joe Bidon!!

Sub: #2 posted on Fri, 08/22/2008 - 09:22


[WASHINGTON, D.C.] ???????? U.S. Senator Dick Durbin (D-IL) today introduced legislation that will allow private student loans to be discharged after a borrower files for bankruptcy. Under changes made to the bankruptcy code in 2005, private student loans were given the same preferred treatment as government-guaranteed student loans. Currently, both government-guaranteed loans and private student loans are not dischargeable except under very extreme circumstances. This can place a tremendous burden on student borrowers with private loans.

Sub: #3 posted on Fri, 08/22/2008 - 09:28


Legistation was introduced but has never been passed.

Personally I believe making them dischargable is a bad move. A lot of lenders already have left the private loan lending industry...making them dischargable will be the last nail in the coffin. Individuals are borrowing these loans of there own free will, they are not being forced upon anyone. Too many students going to expensive private colleges are borrowing them with considering the consequences.

Sub: #4 posted on Fri, 08/22/2008 - 11:35

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Loan companies PREY on the naivete of youth. I am a victim. I co-signed, albeit STUPIDLY, at the age of 23, with a friend for a student loan. I am now being held responsible for it 12 years later. It has destroyed my life. All I can recommend is to NEVER co-sign for ANYONE, EVER for ANY REASON!! It should be the responsibility of the loan company, bank, etc. to fully research the individuals applying for a loan. I was in no situation to co-sign at the time, and should not have been approved. If anyone has any suggestions on how I can get relief from my situation, let me know. Thank you.

Sub: #5 posted on Fri, 04/03/2009 - 07:23

Unregistered about misplaced blame.?? Loan companies dont prey on anyone....nobody forces people to borrow. Nobody forced you to co-sign.?? No terms where hidden from you...they are all there in the prom note.???? You met the criteria for a cosignor based on your credit.?? Take your anger out on the borrower who is obviously not paying on the loan.

Sub: #6 posted on Fri, 04/03/2009 - 08:00

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Soaplady you are wrong on this!!! I consolidated loans with Salliemae, sent in my paystub and still got approved with my monthly payment being higher than what I make in a month. Thats my fault with a HUGE fault on the lender!!!!!! I no way met criteria. Your negativity makes me mad. You were in the business is what I read. good for you but your not dealing with any of the problems that we are so you can't relate. AND...private student loans should go directly to the school and they should not send a check to yourself. If you are human and young and in college and get a 25000 check to you, think of how many people don't even use it for school. THINK ABOUT IT

Sub: #7 posted on Fri, 04/03/2009 - 22:19


And whose fault is it you borrowed so much in private loans? The lender approved and dispursed what you were eligible for. I would assume you attended an institution of higher learning which means you are an adult. Loans come with responsibility and obviously you abused the money. It is really no difference then people buying a house or a car they obviously cannot afford.

Yes I can relate very well. I went to school and borrowed for my education. 2 degrees. However I busted my hiney paying off the loans for 4 years....worked 2 full time jobs. No car, no vacations and they were all paid off in 6 years total.

Sub: #8 posted on Fri, 04/03/2009 - 23:23

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I do take fault in my actions, however, the lenders have to start taking some also. This is why so many people are in these binds and why so many lenders have put lending private loans on a hault. There is no way I should have ever got approved for these loans. I was 18 19 20 years old with a part time waiter job getting approved ON MY OWN with no cosigner for 30-40k a year. I made 100 dollars a week. Wake up and smell the coffee. I wish they did not approve me so I could find other means of education. community college? AND i work my a$$ off now and still don't make what my monthly payment is. That is a problem with lending and is the reason why 90% stopped lending. WAKE UP!!!!!!

Sub: #9 posted on Sun, 04/05/2009 - 18:59


Yeah, and you were supppose to be using the funds to get a job so you could pay it back....that is the concept of student loans. Lending was not based on what you were earning at the time....they expected you graduate and earn. Obviously you were going to an expensive school.

Sub: #10 posted on Sun, 04/05/2009 - 19:26

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