My mom got a loan out while I was in Cosmetology school and it was supposed to be for me but she ended up spending all of it. I was only Sixteen and the Sallie Mae person on the phone said I didnt have a Co-Signer wich confused me.
How was the Loan sanctioned to a 16 year old, without credit history and without a co-signer?
Now I have to pay back a loan that I didnt even use and wasnt old enough to make that decision.
Is there a way I can get out of this?
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5This sounds like a legal matter. Are you on good terms with your mom? It sounds like this might get ugly.– JTP - Apologise to Monica ♦Commented Dec 17, 2013 at 2:34
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modified labels based on Sallie Mae in the question– mhoran_psprepCommented Dec 17, 2013 at 10:59
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1 Answer
A loan can be sanctioned without a Co-Signer, it depends on the Banks policy. A Co-Signer would have helped reduced the rate of interest. see here
As the loan is in your name, it would be difficult to get out of it. Its best consulting a laywer and he can suggest you options and ask more detailed questions, for example if it can directly be established the money didn't reach you etc ...
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2minors in many jurisdictions cannot enter into a binding agreement. She says she was sixteen... Commented Dec 17, 2013 at 5:20
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Yep. We need to know country and state. I am assuming [maybe incorrectly?] the Bank may have done the due diligence with respect to law– DheerCommented Dec 17, 2013 at 7:03
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5my guess would be that something is fishy, and either the mom signed in her name, or someone is trying to play tricks on the young lady. Commented Dec 17, 2013 at 7:29