Should parents cosign for a student loan?
A recent hub discussed the problems college students and graduates are facing with student loans (http://davenstan.hubpages.com/hub/Ameri … dent-Loans). Parents want their children to do well and will make almost any sacrifice for them. But, should a parent cosign for a student loan? If the student cannot repay the loan, it will now be the parent's responsibility. Now, not only can the loan ruin the student financially, it can also ruin the parent.
I feel that parents should do whatever it takes to help their children succeed. A parent who co-signs a loan is doing what he can to support his child. Some parents can afford to fully pay for their children's university education. For those who can't the next best thing is to co-sign a loan. It would also depend on the student. If you know that your child has no interest in higher education and is not committed to doing the work then you are wasting money. I know my children and I know they are responsible so I won't think twice about co-signing a loan. However, before you decide to co-sign, you should always consider the possibility that you may end up paying the loan and whether you will be able to do so. If you think it will be too much of a burden then don't.
I like Joan King's answer. Very good.
Bankscottage, you mentioned in a comment on a hub that your son went to CCAC. My daughter, who will be attending college in the fall, applied to Duquesne. Mostly because she would like to be in downtown Pittsburgh so can go to Penguins games. Not! That would cost around $15,000 more a year than other options we are considering.
She's in the National Honor Society and serious about college, so I will co-sign a loan or do whatever is necessary, within reason. She also will contribute something to the cost, just like she does now for her car, insurance, and gas.
BlackandGoldJack, I think you are making good choices and teaching your daughter to be responsible. There is nothing wrong with Duquesne. It is a great school, but being close to Consol Energy Arena is probably not a good reason to go there any more than planning to go to Pitt to be near the Dirty O.
I made my kids contribute to their college expenses. At first I had them cover some or all of their tuition and covered everything else. Then I realized, tuition is a fixed expense, housing, meals, text books, etc., are all in their control. I pay tuition, they work on everything else. My son that went to CCAC didn't always buy textbooks to save his money. That is right, he didn't always buy textbooks, or at least not all of the "recommnended" ones. He discovered that many are in the reference room at the library. I was impressed that he knew where the library was. The books he bought were used and purchased on-line. He would not have made that effort if he was spending my money. Also, when my kids worked during college, they became better students. They had to manage their time much better.
Thanks for commenting. Good luck to your daughter (and You).
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