This 85-year-old mom co-signed her daughter’s student loan years ago. Now she fears the lender may take her house
In 2004, Sabrina Finch returned to school to become a nurse.
Her mother, Rebecca, was excited for Sabrina, then in her early 30s, to finally have a career. She’d watched for years as Sabrina struggled to get by working low-wage jobs, including in fast-food restaurants and factories.
As a result, when Sabrina took out a private student loan from Navient in 2007 to complete her nursing degree, Rebecca was happy to be the co-signer on the loan.
Both women have come to regret that decision.
Sabrina, who is now 53 and lives in Vinton, Virginia, said her life took many difficult turns in the last two decades.
She said she became resistant to treatments for her bipolar disorder and found it difficult to get out of bed on many mornings. Consequently, she fell behind on her bills.
In May, Navient excused Sabrina from her private student loan after she proved her disability left her unable to work. However, the company then transferred the loan to her mother.
Rebecca is now 85, with health challenges of her own, including cardiovascular disease and constant pain from a fractured hip. Several strokes have left Rebecca with speech and cognitive issues, Sabrina said.
Rebecca’s only income is her roughly $1,650 monthly Social Security benefit. There’s no way she can afford to pay down the loan balance, which is more than $31,000, Sabrina said.
“I’m worried they’ll take her house,” Sabrina said. So is Rebecca, she said.
Sabrina spoke on her mother’s behalf, given Rebecca’s extensive medical issues.