Beware Co-signing a Student Loan

Beware Co-signing a Student Loan

Co-signing a Student Loan Could Ruin Your Retirement 

This is one aspect of parenting that has many opinions and heated discussions. Let’s say that your child or grandchild just finished high school and has been accepted by their favorite college. Unfortunately, some part of their borrowing will require co-signing a student loan with a private lender.

Like many other students who apply for financial aid, the federal government will approve loans directly to the student. This is done without as much as a credit check. But, many times the federal government approval doesn’t cover all of the costs and the student must apply to the private student loan lenders.

These loans do require a credit history check, and the young student usually View full post…

Read More... 8 Comments