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I need advice regarding a federal student loan.?

A few years ago, my daughter asked me to co-sign for a student loan. At the time, I was married and had a two income household, so I co-signed. While she was in her first year of school, I left my husband and filed for divorce. I moved to another city and my financial status decreased. My daughter had some health problems and had to quit school. She could not work for a long time, so I contacted the agency and explained the circumstances and they put a deferment on the loan. A few months ago, they contacted me and said my deferment had ended and I needed to begin payments. I explained that I could not afford the payments and asked for another deferment. They refused and I got my first bill. I called again and asked if someone could assist me with lowering the payments or anything else. I was told that I needed to speak to the IRS. I didn't really understand what the IRS had do do with it, but I called them anyway. They told me that they didn't understand why I was calling them. I can't get anyone at the agency to help either and now I'm getting late pay notices. What can I do?

1 Answer

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  • Merry
    Lv 7
    8 years ago
    Favorite Answer

    You either took out a ParentPLUS loan in your own name or you co-signed a private student loan for your daughter. If your daughter took out a federal loan, no co-signer would have been needed.

    Is your daughter working now? Have you talked to her about making payments? Unfortunately, since they can't be discharged in bankruptcy, there aren't many options on student loans.

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