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would you cosign for a student loan for a family member? friend is doing this and i think she's nuts.
24 replies
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08.06.09, 10:45 AM [ Flag ]
- yes nuts.
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  08.06.09, 10:46 AM [ Flag | link to this post ]
  - I would do it for my sibling as long as he or she didn't have a history that casts doubt on repayment.
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    08.06.09, 10:48 AM [ Flag | link to this post ]
  - warm roasted ones? in first class?
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    08.06.09, 11:12 AM [ Flag | link to this post ]
- nope
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  08.06.09, 10:46 AM [ Flag | link to this post ]
- It all depends on her financial situation (can she take the hit) and her relationship with her relative. I cosigned for a friend of mine (we were both out of college) to get her credit card because her parents never taught her about credit and she had none. It worked out fine.
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  08.06.09, 10:47 AM [ Flag | link to this post ]
- i'm in the process of doing it right now. hope it all works out.
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  08.06.09, 10:48 AM [ Flag | link to this post ]
- My parents cosigned mine, which I appreciated, and I would do it for my own DC, but wouldn't for anyone else. If nothing else the loans show up your credit report, and you get hassled by the student loan company from time to time over various things.
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  08.06.09, 10:49 AM [ Flag | link to this post ]
  - ditto & ITA.
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    08.06.09, 04:43 PM [ Flag | link to this post ]
- Only for dc's, no one else.
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  08.06.09, 11:08 AM [ Flag | link to this post ]
- Hell No
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  08.06.09, 11:11 AM [ Flag | link to this post ]
  - well... except for my dc of course^
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    08.06.09, 11:12 AM [ Flag | link to this post ]
- No way. DH did this for his grown aunt (his mom's sister) on a car loan. She failed to pay or paid late without telling him more than once which is now on his credit report. He finally just paid the whole debt off but its still on his credit report.
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  08.06.09, 11:47 AM [ Flag | link to this post ]
- I would for my nephews or niece, probably not anyone else (dcs won't need it hopefully).
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  08.06.09, 04:45 PM [ Flag | link to this post ]
- yes but I would write if off immediately.
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  08.06.09, 04:47 PM [ Flag | link to this post ]
- who needs a student loan co-signed?
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  08.06.09, 04:48 PM [ Flag | link to this post ]
  - Not OP but my sister does. it happens when you run out of normal loan money.
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    08.06.09, 04:50 PM [ Flag | link to this post ]
    - I guess that is a nice thing about working through school. I paid for most of u/g myself and when I needed loans for grad school I had good enough credit that I never needed a co-sign. Wow, I never realized it was not just normal that you got student loans on your own. Cool.
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      08.06.09, 04:56 PM [ Flag | link to this post ]
- yes, i would, if it was to further the education of a good, responsible kid. to me, cosigning a student loan is way different then cosigning a car loan. but i would also make sure that it wasn't a big deal if i had to pay it back on my own. you never know...
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  08.06.09, 04:49 PM [ Flag | link to this post ]
- If I could afford the loan, I would do this for dc's and two of my siblings (the responsible ones).
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  08.06.09, 04:55 PM [ Flag | link to this post ]
- We are well off and my top philanthropic priority is educations (FA, support for magnet schools, etc., and not just the one's my dc's attend). If I give to strangers, why not family??
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  08.07.09, 05:57 AM [ Flag | link to this post ]
- For my children only and only for undergrad. Not for some dubious grad school or Ph.D. program. I may consider doing it for med school or law school or an advanced degree in education.
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  08.07.09, 06:12 AM [ Flag | link to this post ]
  - are you saying that you think all PhD programs are dubious? or that some are dubious and you wouldn't pay for those? for the vast majority, the program pays the student... and not the other way round!
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    08.07.09, 06:14 AM [ Flag | link to this post ]
    - Not looking to fight. Since Ph.D. programs pay the student, then I guess I don't have to worry about my kid asking me to co-sign a loan.
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      08.07.09, 06:20 AM [ Flag | link to this post ]
      - not trying to start a fight! just curious. i think for my kids they will probably be on their own for grad school--i think you take the decision a lot more seriously when you are footing the bill. i never had help, nor did my husband (med school). it was fine. i do plan on paying for undergrad, though!
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        08.07.09, 06:30 AM [ Flag | link to this post ]

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would you cosign for a student loan for a family member? friend is doing this and i think she's nuts.

yes nuts.

I would do it for my sibling as long as he or she didn't have a history that casts doubt on repayment.

warm roasted ones? in first class?

nope

It all depends on her financial situation (can she take the hit) and her relationship with her relative. I cosigned for a friend of mine (we were both out of college) to get her credit card because her parents never taught her about credit and she had none. It worked out fine.

i'm in the process of doing it right now. hope it all works out.

My parents cosigned mine, which I appreciated, and I would do it for my own DC, but wouldn't for anyone else. If nothing else the loans show up your credit report, and you get hassled by the student loan company from time to time over various things.

ditto & ITA.

Only for dc's, no one else.

Hell No

well... except for my dc of course^

No way. DH did this for his grown aunt (his mom's sister) on a car loan. She failed to pay or paid late without telling him more than once which is now on his credit report. He finally just paid the whole debt off but its still on his credit report.

I would for my nephews or niece, probably not anyone else (dcs won't need it hopefully).

yes but I would write if off immediately.

who needs a student loan co-signed?

Not OP but my sister does. it happens when you run out of normal loan money.

I guess that is a nice thing about working through school. I paid for most of u/g myself and when I needed loans for grad school I had good enough credit that I never needed a co-sign. Wow, I never realized it was not just normal that you got student loans on your own. Cool.

yes, i would, if it was to further the education of a good, responsible kid. to me, cosigning a student loan is way different then cosigning a car loan. but i would also make sure that it wasn't a big deal if i had to pay it back on my own. you never know...

If I could afford the loan, I would do this for dc's and two of my siblings (the responsible ones).

We are well off and my top philanthropic priority is educations (FA, support for magnet schools, etc., and not just the one's my dc's attend). If I give to strangers, why not family??

For my children only and only for undergrad. Not for some dubious grad school or Ph.D. program. I may consider doing it for med school or law school or an advanced degree in education.

are you saying that you think all PhD programs are dubious? or that some are dubious and you wouldn't pay for those? for the vast majority, the program pays the student... and not the other way round!

Not looking to fight. Since Ph.D. programs pay the student, then I guess I don't have to worry about my kid asking me to co-sign a loan.

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Video: Cooking With Grandma Gigi