Couple Left With $200K For Deceased Daughter's Student Loans
A family in California is not only grieving over the loss of their daughter, but also dealing with the financial stress of her student loans. Steve Mason and his wife Danielle have been raising their daughter Lisa’s three young children since she passed away 5 years ago from liver failure and after she died, the family began receiving the bills for her education.
A family in California is not only grieving over the loss of their daughter, but also dealing with the financial stress of her student loans.
Steve Mason and his wife Darnelle have been raising their daughter Lisa’s three young children since she passed away 5 years ago from liver failure. After she died, the family began receiving the bills for her education.
Steve co-signed for the $100,000 in private student loans that Lisa took out in order to attend nursing school. The Masons couldn’t pay the monthly bills with their expenses and the cost of bringing up Lisa’s children.
The $100,000 total eventually increased to $200,000 because of interest and late penalties. Steve makes less than 75 grand a year working as a pastor while Darnelle makes even less as a director of the church.
Given that the student loans are private rather than federal, the Masons are stuck with the 2 thousand dollar monthly bill even if they choose to file bankruptcy. Steve called one of the original lender’s, National Collegiate Trust, but got nowhere.
Navient Corp., which services several of the loans, has since offered to help the family reduce the amount they owe. For now, Steve is looking for a second job.
He remarked “People with other debt from splurging -- they can discharge that. But somehow getting my daughter an education has encumbered me for the rest of my life."
A family in California is not only grieving over the loss of their daughter, but also dealing with the financial stress of her student loans.
Steve Mason and his wife Darnelle have been raising their daughter Lisa’s three young children since she passed away 5 years ago from liver failure. After she died, the family began receiving the bills for her education.
Steve co-signed for the $100,000 in private student loans that Lisa took out in order to attend nursing school. The Masons couldn’t pay the monthly bills with their expenses and the cost of bringing up Lisa’s children.
The $100,000 total eventually increased to $200,000 because of interest and late penalties. Steve makes less than 75 grand a year working as a pastor while Darnelle makes even less as a director of the church.
Given that the student loans are private rather than federal, the Masons are stuck with the 2 thousand dollar monthly bill even if they choose to file bankruptcy. Steve called one of the original lender’s, National Collegiate Trust, but got nowhere.
Navient Corp., which services several of the loans, has since offered to help the family reduce the amount they owe. For now, Steve is looking for a second job.
He remarked “People with other debt from splurging -- they can discharge that. But somehow getting my daughter an education has encumbered me for the rest of my life."
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