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  1. #1

    Default Should a Parent Cosign for a Child's Expensive Student Loans

    My question involves collection proceedings in the State of: Texas

    My husband's son called him last night asking him to co-sign to consolidate 60K worth of student loans. He only hears from this kid when he wants something from him and this time he wants something HUGE. His son told him the payments would be $450 for 12-15 years. My problem is, my husband doesn't make enough money to cover this expense in the event something were to happen where his son defaults on the loan. My husband and I have argued about this consistently since his son called as he says his son would never leave him stuck with the payments. We are in our fifties with no retirement account and no savings. I absolutely think it would be a very poor decision to do this. Any feedback would be greatly appreciated. Thank you!

  2. #2
    Join Date
    Mar 2011
    Location
    Los Angeles, CA
    Posts
    9

    Default Re: Husband Wants to Co-Sign on a 60k Student Loan for His Son

    DON'T DO IT.

    Look at all the people posting about cosigners... including family. Find another way. For student loans, they can consolidate on their own if they may three consecutive payments on their loans.

    He can consolidate his federal loans among himself - http://www.loanconsolidation.ed.gov/
    NO NEED FOR COSIGNERS.

    For the private ones - DONT DO IT. THEY SHOW NO MERCY.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Husband Wants to Co-Sign on a 60k Student Loan for His Son

    Don't even get involved. You will likely find in 3 years the loans are in default and hubby is on the hook. The loan company has no reason to release someone who voluntarily accepts liability.

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