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Student Loan Co-Signer

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Posted by JDepp ( on April 29, 2004 at 19:31:46:

Some friends of mine had an exchange student from South America, and he needed a co-signer on some student loans so the husband co-signed for him. This was five years ago. Unfortunately, the husband died three years ago, and his wife/widow never thought about the student loans until a couple of days ago when she was contacted by telephone and notified that the loans were now in default. She explained that her late husband had put his signature and SSN on the loans, not her. She was told that she wouldn't be held responsible for the loans, but that they would go after her late husbands estate. Well, since her husband left everything to her, wouldn't that be the same as going after her? And his estate was settled very soon after his death. She absolutely cannot afford to pay off these loans, and of course, the former exchange student has long since gone back to South America and refuses to take responsibilty. Is she on the hook for these loans?

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