Should you co-sign your child’s loan?

Should I co-sign on the loan? With the cost of tuition going up every year. I would encourage you to be the one sending checks to the lender. In turn, your child should be paying you. Why? Parents.

Find out whether it is a smart move for parents and legal guardians to co-sign the student loans for a child. Learn about the advantages and disadvantages of putting one’s own credit on the line.

“Think about it: If a bank isn’t willing to do business with that person on their own, why should you?” related: parents: read This Before Co-Signing Your Kids’ Student. approving a new loan. “If.

Most importantly, when you co-sign a loan you are engaging in a high-risk endeavor with little reward for yourself. Classic examples are co-signing on mortgages or car loans. When you actively sign for these things, you are helping co-sign for a car you do not drive and a house you do not live in. Your credit score can also be affected by co.

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If the reason your child or parent needs a loan is that he or she has lousy credit and can never seem to get ahead, think twice before you co-sign. You may want to give your family member just one more chance, but your chances of being stuck with the bill are high. If your family member has proven to be trustworthy in the past, that’s great.

There is an exit, but the door is blocked. You might not be able to stomach that if you think this loan has the potential to ruin your relative’s life. But everyone’s financial situation is different, and this might be.

 · Being Smart About Cosigning a Student Loan. If you are going to cosign a loan for your child’s education, consider getting a life insurance policy on your college student. It should be a 20-year term policy that covers the total amount of borrowing you can expect from your student during their educational career. For example,

So someone has asked you to co-sign for a student loan. Chances are, it's your child or grandchild, or perhaps a niece or nephew. You have.

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