This is a sad story.
“Five years ago Steve Mason’s 27-year-old daughter Lisa passed away unexpectedly from liver failure, leaving behind three children—ages 4, 7, and 9 at the time.
“The Masons were trying to figure out how to make ends meet when Lisa’s student loans from nursing school started coming in.
“Steve had co-signed on Lisa’s $100,000 private loan and because she wasn’t there to pay, it was up to her father to pay the lenders.
“Due to the added expenses of raising three kids, Steve was unable to make the payments on the $100,000 loan, which resulted in it doubling to $200,000 and the interest rate rising to 12 percent.”
These were private loans. The company that manages the loans has made some concessions. Good for them.
There are some lessons here…
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