Should a parent cosign for a private student loan?

mom2collegekids
Thu, 21 Jun 2012 23:38:21 +0000

"vast majority of student loans can be sorted out without any co-signer. If they ask when applying for loans, simply say that is not possible. "

I don’t think it’s possible anymore for kids to get student loans beyond federal ones without co-signers. Sallie Mae used to do it, but not anymore.

Yes, there are horror stories about co-signed student loans. In the last 2 days there’s been a post from a student whose parents’ credit is now in trouble because they co-signed for his older sister who has either been kidnapped/disappeared without any/many leads. Even life insurance wouldn’t help in that case since she hasn’t been ruled as deceased, and probably won’t be until there’s some evidence of that.