Tag: cosigning a loan

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FYI, Legal, Legal Hotline for Michigan Seniors, Money and Finances, Planning for the Future, seniors

I am 65 and stuck with student loan debt. What do I do?

by Jadranko Tomic-Bobas, Managing Hotline Attorney   Over the last decade, outstanding student loan debt has nearly tripled with the current total is $1.3 trillion. Households with a net worth of less than $8500 hold more than 60%. More than 3 million Americans ages 50-64 are in default on their student loans. According to data compiled by the Federal Reserve Bank of New York, “Americans 50 and older … Continue reading I am 65 and stuck with student loan debt. What do I do?

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Legal Hotline for Michigan Seniors

Co-signing a Loan – Is It Worth It?

by Christopher Jackson, JD Due to decades of accruing good credit and based off their guaranteed incomes from Social Security, many seniors are asked to co-sign for loans by family members. When a loan is  co-signed for, both the individual borrowing the money and the co-signer become legally obligated to repay the debt. While most relatives ask a potential co-signer with good intentions and plan … Continue reading Co-signing a Loan – Is It Worth It?

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