Should Mom have to re-pay the loan?

Discussion in 'News / Current Events' started by Salty, Feb 26, 2013.

  1. Salty

    Salty
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    A young man took out a school loan for college. Before he could pay it off, he died. Evidently his mother co-signed the loan. The company now wants the mother to pay the loan. Do you think she is liable - Should the company forgive the loan?

    US Senator Schumer wants to pass laws that would require a company to forgive the loan in the event of death.



    Here is my take - If this would become law - than the company will not put a loan in the name of the student - even if the parent cosigns
    Thus they would require the parents to be the principals of the loan.

    Thoughts?
     
  2. Bob Alkire

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    Yes, she co-signed for her child. Don't co-signed if you don't want to get into this position.
     
  3. Oldtimer

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    Yes, she should pay. Her signature on the loan was her promise to pay.

    It's a sad situation, yes. But, her liability is the same regardless of the reason her son didn't replay the loan.
     
  4. Salty

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    What do you think of the Senator who wants to pass a law that would require a bank to forgive a student loan in the event of death of the student/graduate
     
  5. Bob Alkire

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    I don't believe that would be good, I think loads might be harder to get.
    I guess they could make the student get death insurance for the amount of the loan if they want the co signer protected.
     
  6. preachinjesus

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    That's one of the drawbacks of co-signing for something, you take on the obligations if the other person defaults.
     
  7. Arbo

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    It is punishment of the lender for the circumstance.

    If Mother consigned, Mother's responsible.
     
  8. annsni

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    Yep - she cosigned - SOL!!
     
  9. abcgrad94

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    Don't sign it unless you plan to pay up!
     
  10. Jedi Knight

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    And what does that mean?:confused:
     
  11. webdog

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    Sorta Outa Luck.
     
  12. SaggyWoman

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    Bwahahahahhahha. Sure.
     
  13. Arbo

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    She Owes a Lot.
     
  14. Oldtimer

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    He or she (haven't checked into it) is another liberal who wants to redistribute the wealth.

    When we bought our house and took out a loan for same, we had to carry insurance that would pay the loan if we died. The lender would not be left holding an empty bag because of our default on the loan that he made in good faith.

    Bottom line. The woman promised she would pay the loan if her son didn't pay. It was her responsibility to make sure she had the means to pay. Anything else was fraud when she signed the documents.

    Granted, it's a sad situation in this instance. She is unfortunate to be in this situation. However, that does not relieve her of the responsibiity that she took upon herself.

    The Senator is going to rob the pockets of others by assuming her responsibility. Can anyone show me scriptures indicating that is a responsibility of the government? Additionally, show where that's a tenent of the Constitution, as well.
     
  15. RLBosley

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    Proverbs 17:18

    Contemporary English Version (CEV)

    18 It’s stupid to guarantee
    someone else’s loan.
     
  16. just-want-peace

    just-want-peace
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    Constitutionally, absolutely not!!!

    Scripturally, yes, BUT, strictly as felt by others to help; certainly not mandated by the govt. as the liberal faction of this once great nation desires.:thumbs:
     

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