How does that happen? Cosigned loans?......
Probably federal PLUS loans— loans parents can take out for a child’s education. I kid you not, I know a parent making about $25,000/yr that owes $200,000 because they wanted their kid to go to NYU. They can never pay that back. Another little secret— borrow as much as you want, enter the governments “income based repayment program” and even if you have no job— no income— all this means is your payment is $0 and each month you pay $0 is credit toward paying your loan! Now, if you later get a better job your payment will change but any remaining balance is discharged after 25 years or 10 years if you work in the public sector. In other words, we pay.
Co-signed or PLUS loans