• http://freemoneywisdom.com/ Daisy @ Free Money Wisdom

    I think cosigning for any loan can be extremely risky. Especially with somebody young and irresponsible, just going into college. Typically with a student loan you don’t need anyone to cosign, but in situations where the student does require that, I would suggest they save up instead. Having that relationship with family that isn’t tainted by monetary worries is much more important; plus, saving up during high school by working part-time jobs helps alleviate the stress of paying of student loans later in life.

  • Christy Rakoczy

    I agree Daisy! Co-signing definitely presents risks for putting a strain on family relationships, and saving up during high school and working through school is definitely a better option than being burdened with student loan debt after graduation.

  • Lissa Bayang

    These reasons are exactly why I refused to cosign my sister’s student loans. My mom almost disowned me because I refused to do it. In the end, I knew I did the right thing.

  • Poor & getting poorer

    All I can say is “DON’T DO IT! DON[‘T DO IT! DON’T DO IT!” If a loan is needed (meaning your not filthy rich & paying for your kids education to begin with) you can not afford what will happen to you if your kids don’t or can’t pay the loan.

    We made the mistake of co-signing 2 of our daughters student loans. Neither of which can be discharged in any way. At the time we co-signed the loan we would have had no problem paying them. However years later our daughter is unable to work, both my husband and I have become disabled an unable to work. They will garnish what little you do have coming in which will leave you with a ruined credit rating. Do they care? NO! Don’t be fooled by these crooks, they have no empathy for anyone.

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