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Question for the Money Doctors

Question submitted on Nov 21, 2013.

Question

Is it legal for a lending institute to require payment of student loans before the student has graduated. My daughters 2 lending institutes are reporting that loan payments have not been made which nicks our credit as co-signers on the loan. She is and has been in the PHD program at Purdue. Help. I don''t know what to do.

Answer

Hi, thank you for the question. I really don't have enough information to give you a good answer though. I would recommend reading through the loan documents carefully to see when loan payments begin. They may begin when she completed undergraduate studies rather than graduate work.


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