In the United States, it may seem impossible to be a student without student loans. Even state college tuition can costs tens of thousands of dollars, while private college tuition at some top schools has reached $50,000 a year or more. With college costing so much, it should come as no surprise that research indicates as many as one out of every five U.S. households are carrying student debt.
Since student loans have become a fact of life, many parents are now faced with an important question: Should I cosign student loans for my kids? College students often have little credit history, and they turn to parents, relatives, or even friends to cosign so they can get the most favorable loan rates.