Grieving moms and dads hit with $200,000 in student education loans

When their 27-year old child Lisa died instantly of liver failure 5 years ago, Steve Mason ended up being as devastated as any dad could be.

He along with his spouse Darnelle immediately took in Lisa’s three kiddies — many years 4, 7 and 9 at that time — also it would be a huge struggle to support them though they knew. Steve earns lower than $75,000 each year as being a pastor, while Darnelle earns also less as a manager during the church that is same.

Then your learning education loan bills began coming.

Mason had co-signed regarding the $100,000 in private student education loans that their child took away for medical college, as well as the loan providers desired their funds.

Struggling to keep up utilizing the monthly obligations on top of all the other mounting costs, the $100,000 stability ballooned into $200,000 as a consequence of late charges and interest levels of because high as 12%. Weiterlesen