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‘We bet on the wrong horse’: I co-signed my nephew’s $55K student loan: He has no degree and no job. What should we do?


Dear Moneyist,

My wife and I co-signed her nephew’s student loans so he could attend a small private college. Six years later, he has no degree, no job, no prospects, nor do I believe he has any ability to repay the loan. It’s around $55,000. He lives with his mother, and only on rare occasions does he return our calls or emails.

His mother and grandparents have no means to repay this loan either. Aside from a time machine, what solutions do we have to avoid getting stuck with the tab for this mess? We believed in good faith that this smart young man would be successful and keep his word. We obviously bet on the wrong horse.

Don’t want to be holding the…


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