Legal Question in Credit and Debt Law in Pennsylvania

Parental Loan for colege

Hi. Back in 1995 my daughter decided on college. I have been retired on perm. disability from GM since 1989. Sallie Mae told us back then that if my wife & I did not apply for a Parental Loan, our daughter would not be going to college. Wanting the best for our daughter, we applied and were approved, much to my surprise. The loan amount then was about $7,000. Over the years, my wife and I have had a difficult time dealing with this loan...forebearance after forebearance. The loan amount has escalated to $20,000. We can't afford it. Is there anything that can be done to either forgive this loan or bring it back down to the $7,000 it was at way back then? We need help. Thank you.


Asked on 8/31/07, 10:11 pm

1 Answer from Attorneys
John Gibson John W. Gibson, Esquire

Re: Parental Loan for colege

I'm not sure what to do about these student loans. They've been taking the position that they are allowed to add collection costs back in to the amount of the loan and that has sent these loans skyrocketing in the past few years. Maybe someone else can answer this question.

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Answered on 9/07/07, 4:09 pm


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