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January 23, 2013

U.S. Warned on Student Debt Peril, Financial Times Reports

No parent should ever have to endure losing a child.  Financial Times' writer Anjli Raval tells us a tragic tale made worse by a private student loan company's insistence that a grieving mother pay for an education that her deceased son will never use.  Heather contributed to the article.

Below is an excerpt from the article:
Four years ago, Ella Edwards lost her 24-year-old-son Jermaine. Depressed and unable to work after the unexpected death of her only child, the 61-year-old retired, hoping to grieve in peace.

But Ms Edwards soon had to return to her $9 an hour job as a seamstress after being hounded for the money Jermaine owed to his student loan providers.

Ms Edwards cosigned for loans totalling $40,000 to pay for Jermaine’s university education, with the expectation that he would repay the debt once he had found employment. Although Jermaine made his payments up until he died, his mother was then saddled with the remaining balance.

“The loans company calls two or three times a day. They’re just coming after me like sharks to repay loans that funded an education my son will never get to use,” Ms Edwards said.

Read the rest of the article here.

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