My wife and I cosigned for several student loans for our daughter from AES and Sallie Mae. Our daughter died unexpectedly at the age of 27. Upon her death, we became responsible for approximately $100,000.00 in student loans. After four years, the total student loan debt has grown to over $200,000.00.
We became permanent legal guardians of her three small children, ages 4, 7 & 9 at the time of her death. My wife and I are both close to retirement age. With the cost of raising three children, in addition to the repayment of these loans, we are struggling financially. Our savings has been depleted and our credit has been ruined.
Student loans are the only debt that cannot be discharged in bankruptcy. This has created a financial crisis for our family, as well as for countless American families.
Extreme situations like ours should qualify for either loan forgiveness by the lending institutions due to extreme financial hardship (National Collegiate Trust, Charter One Bank, Sallie Mae, NCO Financial, ACS, First Marblehead, RBS Citizens Bank, etc.), or they should be able to be discharged in bankruptcy, just like every other type of debt. Most of these private student loans are guaranteed to be paid to the lender by the federal government. Please feel free to contact me at firstname.lastname@example.org.