• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Sister/Brother-in-law having trouble paying for tuition

Y

Yzzim

Lifer
My sister and brother-in-law are in a bit of a bind. He started taking classes this last semester and then for some reason he stopped going. My sister knew nothing about this (a whole different story) and now the University has sent them a bill for $10,000 for last semester's tuition.
Currently they are both strapped with student loans. My BiL has $90,000 and my sister has around $50,000. They were told to get a loan to pay for this last semester's tuition but they are getting denied even with a co-signer with so-so credit history (big surprise).
I'm probably the only one in my family with good credit history and, even though she hasn't asked, I will not sign another loan for her. I already did sign one for $3k and we could handle that if needed, but I'm not going to cover them for the $10k.

Any idea what she can do? The tuition bill will be going to collections soon if they can't come up with the money. She's looking for any loan to get this debt "paid". I feel bad for her since she's not directly responsible for the problem but is responsible for the debt since they did get married this past summer.

BTW, they own nothing, no house & no decent car they could sell.
 
So your BIL signed up for classes that he felt compelled to not attend and then he failed to talk to registrar and the bursar's office immediately when he decided he no longer was interested in those classes? Did he not fill out the FAFSA last year? Without FAFSA, he is going to have a tough time finding any sort of loans.

I wouldn't bail them out either unless you have an extra 10k$ that you dont need for yourself.
 
You know... for sex. I hate to point that kind of thing out, but then I remembered this is ATOT, so for the sake of clarity...
 
Ok...so let me understand this. She wants a loan to pay off a school loan, even though they're having trouble paying off existing school loans? How the hell is she going to pay off the loan for a loan? You're just borrowing more money and digging themselves into a bigger/deeper hole.
 
Originally posted by: SphinxnihpS
You know... for sex. I hate to point that kind of thing out, but then I remembered this is ATOT, so for the sake of clarity...
Click to expand...

And you had to reply again to your own reply?

Tough luck for them, that's entirely too much money to be "loaning" to people who seem to not care about the money in the first place.
 
Originally posted by: RagingBITCH
Ok...so let me understand this. She wants a loan to pay off a school loan, even though they're having trouble paying off existing school loans? How the hell is she going to pay off the loan for a loan? You're just borrowing more money and digging themselves into a bigger/deeper hole.
Click to expand...

clearly they have not taken business math or intro to accounting.
 
Originally posted by: xSauronx
Originally posted by: RagingBITCH
Ok...so let me understand this. She wants a loan to pay off a school loan, even though they're having trouble paying off existing school loans? How the hell is she going to pay off the loan for a loan? You're just borrowing more money and digging themselves into a bigger/deeper hole.
Click to expand...

clearly they have not taken business math or intro to accounting.
Click to expand...

Or intro to "don't do this and that"...
 
Originally posted by: Tweak155
Originally posted by: xSauronx
Originally posted by: RagingBITCH
Ok...so let me understand this. She wants a loan to pay off a school loan, even though they're having trouble paying off existing school loans? How the hell is she going to pay off the loan for a loan? You're just borrowing more money and digging themselves into a bigger/deeper hole.
Click to expand...

clearly they have not taken business math or intro to accounting.
Click to expand...

Or intro to "don't do this and that"...
Click to expand...

Additionally, they were raised in the generation/culture of "Everyone goes to college, everyone is capable of higher education and professional careers, the debt is 'good' and in this burgeoning economy will be paid off before you know it ..." wait ...oh.
 
Looks like a lot of helpful info here

Two options available for postponing repayment of your student loans are deferments and forbearances. If you are thinking about defaulting on your student loans, ask the lender whether you are eligible for a deferment or forbearance before you default. You cannot receive a deferment or forbearance if your loan is in default. If you default on your loans, you are no longer eligible for deferments and forbearances.
Click to expand...
 
Originally posted by: FeuerFrei
Looks like a lot of helpful info here

Two options available for postponing repayment of your student loans are deferments and forbearances. If you are thinking about defaulting on your student loans, ask the lender whether you are eligible for a deferment or forbearance before you default. You cannot receive a deferment or forbearance if your loan is in default. If you default on your loans, you are no longer eligible for deferments and forbearances.
Click to expand...
Click to expand...

Good call.
 
Originally posted by: TridenTBoy3555
$10,000 for one fucking term? Is this school freaking Ivy League or what? O_O Jesus...
Click to expand...

Uh, an Ivy League school is more like $20,000+ a semester.
 
Originally posted by: Tiamat
So your BIL signed up for classes that he felt compelled to not attend and then he failed to talk to registrar and the bursar's office immediately when he decided he no longer was interested in those classes? Did he not fill out the FAFSA last year? Without FAFSA, he is going to have a tough time finding any sort of loans.

I wouldn't bail them out either unless you have an extra 10k$ that you dont need for yourself.
Click to expand...

He did file a FAFSA but apparently he did it wrong and filed under his mother. His mother made enough where he certain loans that would be available had he filed separately weren't available to him now.
 
If he has $90,000 in loans and isn't a brain surgeon by now (or something that pays as well), then he should learn to savor the joy that comes with student loan default.

And of course by joy, I mean having your whole life f'ed.
 
Originally posted by: RagingBITCH
Ok...so let me understand this. She wants a loan to pay off a school loan, even though they're having trouble paying off existing school loans? How the hell is she going to pay off the loan for a loan? You're just borrowing more money and digging themselves into a bigger/deeper hole.
Click to expand...

They want a loan to pay off tuition owed to the University for a semester of school. They are in no way looking at paying off any of there loans anytime soon. They can hardly afford the payments on the loans they have now.

And yes, I understand they will have to start repayment on the loan they might get for paying off this last semester's tuition.

They're only option is to turn one of his big loans (one is $70,000) from a 15 year loan into a 25 year loan. That will lower their monthly payments enough to afford another loan payment.

Yes, they are in financial hell. I feel bad for my sister for having to go through all this. That's why I'm trying to help out in ways other than writing a check or signing a loan.
 
man, over 100k in debt between them and no degree? Jesus that would miserable.

edit- i stand corrected. at least there is 1 degree out of it
 
Originally posted by: amdskip
What are/were their majors? How close are they to being done?
Click to expand...

My sister graduated school with a degree in Business and currently has a job using her degree.

My BIL was going for Chiropractics and has dropped out. He's got a full time job making $10/hr.

They are both looking at getting a part time job to make ends meet.
 
Originally posted by: FeuerFrei
Looks like a lot of helpful info here

Two options available for postponing repayment of your student loans are deferments and forbearances. If you are thinking about defaulting on your student loans, ask the lender whether you are eligible for a deferment or forbearance before you default. You cannot receive a deferment or forbearance if your loan is in default. If you default on your loans, you are no longer eligible for deferments and forbearances.
Click to expand...
Click to expand...

They are doing that with their biggest loan. They are deferring it for 2 months, the only problem is that all interest accumulated in that 2 months will be added to the principal once the loan enters repayment. So their $550 payment will be gone for two months, but will jump to $650-$700 for the first month they start repaying the loan.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top