Well, my boy twin signed for his brother.
After I reamed him for tricking them, all is well.
My son has a job and is working on his second masters.
The ex is in Hawaii with her family and isnt working.
Shes just helping out her mom, who had a very bad stroke and is on disability.
Its looking like the ex may never work, but who knows?
My daughter was tricked.
Is there anything that she can do to get out of this?
Did they have them sign loan documents that misrepresented the terms of the loan?
Or did your twins fail to read what they were signing?
Actually getting the release can be complicated, though.
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Clearly this wont be an option since your sons ex cant afford the payments.
But Im afraid she doesnt have many options if she simply didnt read the loans fine print.
It may be worthwhile for your daughter to contact an attorney about whether she has any options.
But ultimately, when you co-sign a loan, youre just as liable for the debt as the borrower.
If she fails to make them, shell destroy her credit and could get sued by the lender.
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Im assuming these are private student loans since federal loans rarely require a co-signer.
Unfortunately, your options for dealing with private student loans are limited.
Its often in their interest to work with borrowers so they can avoid defaulting.
This will likely turn out to be a very expensive lesson for your daughter.
Co-signing is a financial minefield that can destroy credit and relationships.
Its especially dicey when you co-sign for someone who isnt family and has less incentive to preserve the relationship.
And whenever you sign an agreement, its essential that you actually read it.
Your daughter needs to be the one to take action here.
If youre tempted to intervene, give a shot to resist the urge.
Owning your mistakes is part of being an adult.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
Balance Transfer = Credit Card Cheat Code
