No Cosign Private Student Loans
even so she is a brittle diabetic with no health insurance in the past and has accumulated medical bills which she can’t pay and consequently has bad credit. i am willing to cosign for her to consolidate her loans which amounts to roughly $ 200,000. is there any financial institution that we can turn to for support.
Answer by gagam
Try Sallie Mae…
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cough, gasp, cough, I certainly hope she is a doctor or lawyer right now.
Consolidation loans are very hard to come by now days, your credit would have to be STELLAR and your income would have to be VERY VERY high to support this HUGE debt. The best thing she can do it get a job and pay them… forever… it sounds…..
I would advise you NOT to cosign for her. If she were to become totally disabled or (God forbid) die, YOU would still be required to pay back these those loans. (Consolidated or not).
All consolidation would do is earn the banks MORE money and the terms of the loan even LONGER than what she has now. Consolidation does not save the borrower or the cosigner money, it just makes the banks richer.
Unlikely. I dont even know of a lender that consolidates private loans. Sallie Mae is in such poor shape, even they wouldnt touch that. Your credit would have to be completely spotless to even be considered in the current economy. Sorry.