When Rhonda and Jeff lost their son Shawn last summer, they contacted the company that serviced Shawn’s Chase loans. The company sent the family a letter of forgiveness.
But a few months later they started getting the late payment notices. The loans were showing up on Jeff’s credit report.
When Rhonda tried to clear things up with chase she was told they had no record of Shawn’s account. That’s when she contacted Team Clark, who spoke with Chase.
Chase evntually sent a statement saying they removed the loans from Jeff’s credit report.
In this case of the tragic loss of their son these loans were forgiven, but anytime you are setting up borrowing for college–only go for a federal student loan. Private student loans overwhelmingly require a co-signer, and even if someone passes away the co-signer will still be liable.
Your assignment? Do your homework before you get a loan. Read our Student Loan Guide.