Private Student Loans and Cosigner after BKE

[jpbke]

I have a large amount of private student loans from my undergrad degree- close to $75K split between Citizens and Common Bond. Both loans were cosigned by my father. I am also currently a grad student and between school, covid and everything else I'm not making enough money to keep up with the payments. Unfortunately, my father was also pushed into an early retirement at the beginning of the year and so he's not in a great place financially to help out with the loans. To add to all of this I successfully completed a Ch. 7 Bankruptcy last year to get rid of excess credit card debt most of which accrued during the same degree. 

 

I was able to get some relief from payments from Covid but I've been informed that that has run out, at least with my Citizens loan. 

 

Are there any options I can pursue to at least get my father's credit untangled from this mess? I would love to ideally have discharged the private student loans but unfortunately that doesn't seem possible. Because of the BKE I doubt a refinance would be easy. 

 

My parents have a home that they are trying to sell and I will receive some of that money-which I would use to try to erase these debts, but also unfortunately the house went on the market right at the beginning of Covid and didn't sell, they will hopefully be able to sell it early next year. 

 

I would love to hear any and all ideas that could maybe help me find a way through this! Wasn't sure whether I should post this in student loans or BKE but figured I'll start here. 

 

Thanks for reading. 

[IndyPoolPlayer]

1 hour ago, jpbke said:

I would love to ideally have discharged the private student loans but unfortunately that doesn't seem possible.

No its not. There's a reason for that.

1 hour ago, jpbke said:

Are there any options I can pursue to at least get my father's credit untangled from this mess?

He cosigned, so he's on the hook. You'll have to somehow pay this in full or refinance it somehow to get him off the loans. With the recent BK7 that's going to be a tough sell.

[fireman44]

According to my research, private student loans are considered the same as any consumer loan and are subject to the same rules as consumer loan. In my state, the SOL is 3 years for consumer loans. I co-signed with my daughter and the last activity was 7 years ago this month. They've made no attempt to contact me or her. She has moved several times but I've been at the same address for 30+ years.