Community Chat

[NoelSeven]

On 8/5/2014 kachina624 said:

On 8/5/2014 NoelSeven said:

At what point did she die? Did she finish nursing school or not?

Nothing I can find says whether she finished but they showed what appeared to be a graduation picture and she was 23 years old. Experts say this could have been avoided if she had refinanced the loan to her name only after graduation or if she'd gotten life insurance to cover the loan.

The parents seem to be articulate, educated people. Hard to believe they thought the loan would be canceled upon her death.

shortly before my son died, also unexpectedly, I had co-signed for some extensive dental work for him. I knew I'd have to repay the loan and did so in full within a month of his death. Would you believe this showed up as a negative on my credit report?

kachina, I'm really sorry to find out you lost your son. Very sorry, please accept my condolences.

If she finished school, they're responsible morally and legally.

[Elstongunn]

On 8/5/2014 kachina624 said:

On 8/5/2014 happy housewife said:

$100,000 for nursing school. !!!!????? Where? She could have achieved the same thing at Community college.

My Nursing school student loan was $1400 forty five years ago, but I had a scholarship for my tuition.

I thought that sounded excessive too. Given her potential earning power, that's an excessive amount of debt. It was foolish for her to take that on. I wonder if the parents could declare bankruptcy?

That was addressed in DBD's article link: student loans are not forgiven in bankruptcy.

[Qwackertoo]

Seems when I pay my daughter's tuition, what is left after scholarship(s) . . . there is a link and information about being non-refundable due to illness or whatever and a link to a place where you can purchase "insurance" to insure your tuition.

I've never done that . . . never even clicked on it . . . I figure at that point IF something happened I would have much worse worries and heartache than some lost tuition money.

But that said . . . she isn't attending a 100,000.00 a year or semester university. 100K seems rather steep or even 200K. Seems they would be out maybe the one semester that was paid and loan spent but not more than that unless there are places you pay for more than one semester at a time in advance.

But IF she attended 2-3 years or whatever and had incurred those costs and then didn't make it . . . well that is very sad but a loan is a loan & IF they co-signed then the owe it.

[terrier3]

It's too late now - but it's suggested that when people are co-signing on large loans, they take out a life insurance policy on the life each other.

It's called a joint policy and pays out on the death of the first person.

You can get policies which cost less and pay out less over time (as the debt on the loan is paid off).

[151949]

On 8/5/2014 NoelSeven said:

On 8/5/2014 happy housewife said:

$100,000 for nursing school. !!!!????? Where? She could have achieved the same thing at Community college.

My Nursing school student loan was $1400 forty five years ago, but I had a scholarship for my tuition.

Not all community colleges teach nursing anymore. And they're 2 year colleges and nursing is now at least four years around here.

Things just aren't the same as they were 45 years ago.

You can become an RN in 2 years at most community colleges then the hospital will pay - or partially pay your tuition to get your BSN when you start working. To pay it all yourself is lunacy.

[brii]

Many hospitals won't hire BSNs anymore. A friend of mine's daughter did that and cannot find employment.

[NoelSeven]

On 8/5/2014 happy housewife said:

On 8/5/2014 NoelSeven said:

On 8/5/2014 happy housewife said:

$100,000 for nursing school. !!!!????? Where? She could have achieved the same thing at Community college.

My Nursing school student loan was $1400 forty five years ago, but I had a scholarship for my tuition.

Not all community colleges teach nursing anymore. And they're 2 year colleges and nursing is now at least four years around here.

Things just aren't the same as they were 45 years ago.

You can become an RN in 2 years at most community colleges then the hospital will pay - or partially pay your tuition to get your BSN when you start working. To pay it all yourself is lunacy.

Not around here. Hospitals want four year college nurses, and many nursing positions are now specialized and filled by those with a Masters Degree.

[brii]

Many hospitals won't hire BSNs anymore. My friend's daughter did that and cannot find employment.

[NoelSeven]

On 8/5/2014 gidgetgoeshawaiian said:

On 8/5/2014 NoelSeven said:

On 8/5/2014 gidgetgoeshawaiian said: I think we had a thread on this last week. My opinion is that if you co-sign the loan, you're as responsible for the loan as the primary signer. I don't side with the parents on this.

I agree, although if she never got to step foot in school, it would be nice if they could just return the money.

But the money is gone. If they had it I'm sure they'd return it and there wouldn't be this problem.

Yes, I see, she finished school. Unfortunately, that's what cosigning a loan is, a guarantee that if the person taking out the loan can't or won't pay it back, the cosigner will.

[Marienkaefer2]

I really think it depends on where you live.

In our state, the two year nursing programs are highly regarded and students do find employment. In fact, the waiting lists are long to get into these programs.

Of course, to further your career, a four year degree or beyond is optimal. However, I think a master's is really only recommended if you want to get into the administrative side of things.

But like I said, that's here. I'm sure it's different in other places.