If I co-signed for my grandson’s student loan but it is not being paid on time, what actions can I take to make sure this is paid on time?
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If I co-signed for my grandson’s student loan but it is not being paid on time, what actions can I take to make sure this is paid on time?
He is in the Marines. Can his wages be garnished?He has money taken from his check each month and put in a checking account to pay this bill. His mother spends the money and does not pay the bill. Need to have this put in an account he mother cannot touch. How can I do this?
Asked on June 12, 2012 under Bankruptcy Law, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Since you co-signed for your grandson's student loan, you are also on the hook with the lender to make payments on the loan if he does not comply with the terms of the loan.
One way to make sure that your grandson pays on the loan is to have his wages deposited into an account that you have access to and where you make the loan's monthly payments for him. Otherwise if the loan is not being paid, you will soon be contacted by the lender for payment on it.
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