Ok so me and my friend went to the same school. We both got the same loan. We both got it co signed by our parents.

We also both have been paying the minimum payment cause neither of us makes enough to pay the whole thing off. Her debt was up to 8k from 6k. Same with me. But her dad just paid off her debt for 3 thousand…..

how does that happen? I have money in the bank i have been saving for a car. If i used that money could I do the same thing she did? Where does that missing money go? I"m confused. How do loan companies stay in business if people can settle their debt for like less than half? Her parents are rich too it’s not like they couldn’t pay it off. I thought that loan companies only settled debt when someone was delinquent.

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I am not eligible to receive a student loan by myself because of my young credit of only about a year even tho I have an excellent score.
I am not able to have my parents cosign for me because they are coming out of bankruptcy a little over a year out and have re established their score. but the loan companies and banks say it needs to be 2 years. I recently transfered to a very expensive school. I did receive a scholarship, but it doesn’t quite cover the cost, which including housing is around 40k per year. I have excellent grades deans and presidents list every quarter of my 3 year length college career.
But what I really do not understand is how on a deferred student loan you are required to have a co-signer when they can be removed as your co signer after 18- 24 months.
This does not make much sense to me and if anyone has any kind of alternative ideas comments or solutions I would appreciate everything I can get my hands on.

Thank you

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I was worrying that I wouldn’t be able to get private student loans in the future. I am a full time student now and my credit card debt is out of control. My only way out is through debt settlement. I hear it will affect my credit score badly–something that the private loan companies look at. Any advice?

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