Should a parent cosign for a private student loan?

momtotwins
Sun, 22 Jul 2012 02:17:40 +0000

In my opionion it is best if the student only needs the loans they can take out in their own name or better yet - no loans at all. That said, this is assuming parents can help somewhat either through savings or current income. If there is no savings for college then parent loans may be a good option to consider. Other families saved the money before the kids got to school. if your family did not, loans may be a good way to pay for college after the fact. If we hadn’t saved, I would consider cosigning on loans and would try to help pay off those loans, too. I don’t think it is realistic for most kids today to fund a college education on their own with no parental help.

I talked to a young lady just the other day who was struggling with her $39,000 student loan 6 years after she graduated. She is still living in her parent’s home and paying $300 a month towards that loan that seems to never decrease. She wants to move out but doesn’t feel she can with this loan hanging over her head. No loans are definately better but difficult to do without parents willing to help.