Complaint / review text:
My son did not graduate but took out loans totaling almost 80,000. When he first entered college, I was told that in order for him to have lower interest rates, that I should co-sign and I did. Little did I know at the time that I will never be able to be dropped as a co-signer because he did not get a degree. He can not consolidate because he did not get a degree. He has loans totaling $594 a month. We split this three ways (him, my husband, and me). I have called repeatedly trying to get this lowered. However, in another year or so this is going to go up to $764 a month. Sallie Mae needs to be stopped. We help my son because he can not pay that amount. He lives out on his own but will be moving back home in May. He wants to buy a house, but how can he? I have another son and a daughter who also have student loans. My youngest son just graduated from college and will have six months and will have to start paying. Then, together they will be owing over $1,000 a month. When these kids first graduated high school, I encouraged college. Now I wished college and Sallie Mae had never come out of my mouth. I did not know as I am nearing 60 years old that I am in this much debt just because I co-signed.