Should a parent cosign for a private student loan?

cptofthehouse
Mon, 23 Jul 2012 10:26:04 +0000

Elleya, that you are here researching your options shows that you have a lot of gumption and a lot on the ball, as most students do not do this. Hopefully, you also have some lower cost options that are maybe local for nursing. Perhaps, for the first two years, anyways. That way your mother can stretch that $17-20k out for the latter two years and you can borrow some, too, but a lot less than for 4 years with interest accruing from the onset.

Also, IMO, taking out a private parent cosigned loan for a student in a directed path for career that is pretty sure to pay well, and when said student has shown s/he can do well in college having half of the education under the belt by going through local/community college, is truly a good investment. That I would do. For an 18 year old, right out of high school, the risk are far greater. Most, vastly most, will change direction, many will not do well even if student was high achieving in high school. But once half the 4 years have been successfully completed, and the goal is a clear one that is likely to reap financial dividiends in the form of a well paying job that is available, yes, I would take the chance on an outside private loan for the next two years.