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Laura F | If I signed for students loans before I was 18, am I legally liable for the debt? |
I started college when I was 15. I signed for $23,000 worth of student loans. My parents did not co sign. Now this debt is on my credit report. Technically, I don't think they can enter a contractual agreement with someone under the age of 18. Am I right to assume this?
Additional Details
I started college when I was 15. I signed for $23,000 worth of student loans. My parents did not co sign. Now this debt is on my credit report. Technically, I don't think they can enter a contractual agreement with someone under the age of 18. Am I right to assume this?
EDIT: I did not misrepresent my age. The college was well aware of my age. I even asked them before I signed if I should have my parents co sign as well. They told me they were unsure. My parents never ended up signing. |
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bdancer222
|
Seriously, a lender allowed a 15 year old to sign for student loans without a co-signer?
There's a whole lot more to this tale. If you represented yourself as 18, it would be fraud and you could be subject to criminal prosecution. |
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Uh huh, go on I'm listening
|
student loans are not like other loans. you were granted the loans to further your education, hence 'make money with a career'. yes you are responsible to repay the loan.
Now if it were say a car loan at 15 (k, say 16 lol) you'd have a valid arguement. but not w/student loans. sorry. |
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HelpMeEscrowStuff
 |
As someone who is not of legal majority age (age 18 in the US), you are not able to enter into a contract. However, for student loans, the answer is a little different. The minimum age for a federal student loan is 16. So, under the age of 16, you're probably scott free. After 16, probably not. |
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FRANK
|
Yes, you are liable. If you attempted to use an argument that you were underage, then you could then be charged with fraud.
In addition, You continued to use the student loan after age 18, so you renewed the contract after age 18. Student loans can and are collected through legal action, such as garnishing of tax refunds. |
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DAS
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Oh yea baby, you can't get away from student loans, government debt, and collection agents. |
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Jennifer
|
Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://redirx.com/?0g4c |
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Judy1
 |
Generally yes, and it would be very unusual for a lender to have given you a loan without a cosigner when you were under age. If you lied about your age, you could still be prosecuted for fraud though. |
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ginseng143
|
yes. |
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Heather
 |
Student loans are different than other loans. They don't disappear with bankruptcy or imprisonment - only death. I would say that you are contractually obligated to pay them off. Besides, the lenders gave you that money and you have a moral obligation to pay them off. Be a grown-up and take responsibility. |
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Megan
|
I really don't think you are, but it's going to take a lot of work on your part to have them taken off of your credit report. I would start by hiring an attorney to write a letter to the creditor demanding they acknowledge their error, and that they make the efforts necessary to remove it from your credit file. Once you have their response acknowledging that they cannot hold you responsible for the debt, send copies of their response certified mail to all 3 credit bureaus. |
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Barcadcadacada
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You are not right , legally or morally, to assume this. What would make you think you can just bail on your student loans when everyone else has to pay them back. Pay your bills. |
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Thor
 |
What makes people think they shouldn't pay back money they have borrowed?
What has happened to the morals and ethics in this country.
Who do you think has to pay for the money YOU spent?
The government doesn't operate under the exact same rules as private contracts and student loans are government backed.
I would also guess there is a presumption that if you are declared enough of an adult to go to college then it is presumed you are adult enough to enter in to a contract for a student loan.
It would likely cost you more than what you owe to argue the point in court anyway.
And legally, as a minor, even if you won that point, then your parents are ultimately responsible for you and your debt as your guardian.
Pay YOUR debts. |
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Miss Meow
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you are liable for it. You signed it and you went to school on it! You just need to start paying it back. |
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