What Not to Do With Your Student Loans
Two years ago, Cynthia M. Tiemann of St. Peters, MO, took out seven college loans in her daughters’ names totaling nearly $140,000. She had no intention of paying their tuition with this money, as she forged the names of her two daughters and 71-year-old mother as a cosigner. Instead, she gambled it away at a local casino.
How’d they find out? The girls’ father suggested to one of them that she learn about her credit, so he suggested that she pull her credit report online. That’s when she found out about the student loans that were taken out in her name nearly 18 months prior, according to fox4kc.com.
Cynthia, who suffers from a gambling addiction, was was sentenced Monday to five years in prison. The loans have been cleared from her daughters’ credit reports, but surely the emotional stress will take some time to pass.
Lesson of the day: Pull your credit report annually!
See also: What NOT To Do With Your Pell Grant