Asked to co-sign a college loan

aunt_bea
Mon, 28 Dec 2020 03:07:24 +0000

NO.

You will be in debt for the entire $200K because they already can’t afford the school.

Parent Plus Loans are sold and resold over and over again.

Your credit is and will be impacted. With those kinds of loans it does impact your credit and credit report. Any new, large purchases for your needs will be impacted. (We just had a flood and have to purchase beaucoup items and services. We’ve got good credit and I can’t imagine what we would do if we didn’t.)

They couldn’t find another credit-worthy relative willing to sign, so they asked your husband. Not fair.
No, really bad idea. Yes it will sour his relationship with the relatives, but listen to what your parents used to tell you: “Never do business with family or friends!”