Should a parent cosign for a private student loan?

Elleya
Sun, 22 Jul 2012 23:51:02 +0000

Hmm, this thread could be helpful.

Mom and I had a serious talk about finances - I asked her for financial info for NPC’s and we plugged in to state U, public U, and UPenn for giggles. Every school ended up being roughly 20k/yr out of pocket, except UPenn which was 14k - too bad i’m not Ivy material! UMass is so damn stingy, seriously.

Also, 17k/yr parent contribution?! My mom told me she could pay 1 year of that but “the rest is all you.” So now i’m looking forward to 50k-70k in loans to take out. My mom said she would co-sign but after reading this thread I am not so sure. I’m glad that I want to major in something I can hopefully get a job in outside of college (Nursing), but the thought of those loans is keeping me up already.