The story begins with a 22-year-old student who is attending college working on two degrees. The student, being an adult, secures student loans totaling $45,000 to further her education. The loans were given to her and her alone and no one, including her parents, co-signs for the loans. Now the unfortunate part. The student develops a rare form of cancer in her tear ducts, and after chemotherapy and radiation treatments, subsequently dies.
One would think that the misery for the family dealing with their young daughters death, would be enough for any family to deal with. Two of the lenders forgave the girls debt since she was deceased. But in steps Wells Fargo Bank and their bean counters. Wells Fargo Bank wants the parents to pay the debt in the amount of $6,000 and will not forgive nor forget what is owed to the bank.
In steps the local television station and confronts Wells Fargo Bank, who suddenly and inexplicable, forgives the debt. No sorry, no we made a mistake, no thing except the debt no longer needs to be paid by anyone.
What is surprising is that different lenders have different policies covering the death of a student who owes them money. What is also hard to understand is that the girls parents had no idea their daughter had even borrowed money and could not obtain any information because of the existing privacy laws. All they knew is that the bank wanted their money and that was that.
The bank continued to harass the family via letters and phone calls demanding payment.
Had the TV station not stepped in and made Wells Fargo Banks appear like loan sharks, one can only guess to what lengths the bank would have gone to get their blood money.
It is stories like these that make us all hate the banks, no matter which bank it is.