Wells Fargo Financial sent advertisements around to different schools to solicit students to apply for a student loan with them. The insisted that they have a co-signer to get the loans they applied for. Without the co-signer, they would not get the loan. I co-signed for my nephew and when he graduated he had to pay the loan. The amount was very high, and his plans were to go to Dental school after a year. He called them and they suggested that he consolidate the loan for a lower amount. Once he did that, he paid on the loan monthly. He was told recently that he can not get a forebearance on the loan now that he is in Dental school, but must continue to pay close to $300.00 a month. He obviously doesn't have the money, but Wells Fargo set these loans up knowing full well the students would not be able to pay. They enticed the co-signers (such as myself..with good credit) to sign on these loans because we were told if the student made consecutive payments for 24 payments, we would no longer have responsibility for the loan. This was the only reason I signed. Now they are telling me, he not only has to pay this while he is in Dental school, but I will be in default if he doesn't pay and they WILL come after me. This is very misleading and there are many others that they got with this. My nephew said these loan applications were all over his school.
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