UPDATE: What happens to my husband's credit score if his adult children default on their student loans -- or die?
By Quentin Fottrell, MarketWatch
A second wife dislikes her husband co-signing on his kids' student loans
My husband and I met several years ago and got married. His children were in their 20s by the time we were married.
Here's a rundown: My husband's son is struggling financially and his student loan repayment is always late. He and his ex-wife co-signed his student loan for one year at a private college. My husband and I (and his ex-wife) receive letters from the collections each month. It has been going on for years. My husband claimed that his son is paying, but is late and it shouldn't affect his credit score if the payment is more than 30 days late.
I tried to intervene with this son by sending an email (a very nice email) that he should look at other avenues to pay his loan on time such as setting up automatic payment or just mail out his payment earlier. (We found out he doesn't have enough money at the time his payment is due and I was told he is working with student loan company to change the date of payment due.)
His son was angry that I sent this email and he took it out on his father, which shouldn't happen. He should have talked to me instead and I kept his father out of this situation because he doesn't want his son to stop communication with him. I kept my mouth shut for years and I had to step up as my husband won't do anything.
Also see:Two 'controlling' fathers unhappy with their children speak out (http://www.marketwatch.com/story/two-controlling-fathers-unhappy-with-their-children-speak-out-2015-12-18)