Does parents of college students co sign loans?
My friends son ex wife asked to co sign a college loan is re payable year 2012. I do understand college loans he asked me I of it. He believes he be kind of a financial trap. I a college loan required a co signer. Does it? He payed years tuition dorm fees stuff. I do to give mis information, he is concerned. Who do we sound financial advice? Do college loans an 18 yr child? Do he is ripped off? Do parents co sign a college loan 6K repayable at 5 yrs?- the co signer is obligated to pay if the student doesn't, I've seen it, and if they don't they could lose their house. Said student should apply for FAFSA or a grant
- Most Federal financial students loans, usually called Subsidized and Unsubsidized Stafford loans the first loans offered to students do not require a parent cosigner. If your friend is being asked to cosign on a loan, there could be a couple of reasons. 1. the school isn't eligible to receive federal fin aid. In this case, the student and your friend should RUN not walk away from this school. 2. the student hasn't applied for federal student loans yet at fafsa. ed. gov and doesn't know he can get a better government backed loan without his parents as cosigners. 3. the school is eligible for federal student aid but the school is wickedly expensive and the student has maxed out all other loan types and therefore has to take out other private loans to cover the cost. 4. the student has taken out the "good loans" as mentioned above AND covered the cost of his education because it isn't an expensive school. But is taking out yet another loan to "live off" of and this money isn't going to the school to pay for tuition and fees. Note: Many school loans that don't require a cosigner go directly to the student and NOT the school. If trust is an issue, look into this. My advise to your friend regarding cosigning. Have him ask his son for a copy of his "Award Letter" from the schools financial aid office, it has a detailed amount and types of fin aid the student is being given. Also ask his son for a copy of the bill from the school. Then he / she can make a more informed decision about if they want to "possibly" pay for their child's education. Below is a link for the different types of federal student loans and the minimum and maximum amounts. The student needs to utilitze these first before he goes to the others
- My parents co - signed for loans when I was in college. Students do not have to repay the loans until they are out of college and have good paying jobs. I still have one child in college and I support her every way that I can. Signing for a 6 K note is a small thing. Supporting a child that you helped bring into this world to get a college education is a big thing. Encourage him to to the big thing. Ken W baldyken2001@yahoo.com wolff2001. googlepages.com / home
- I would advise your friend to go with his son to the financial aid office at the school and speak to a financial aid officer. They can help him understand why he needs to cosign for these student loans and exactly how much his son needs for college. If your friend has already paid for dorm fees and tuition, then why does his son need more money? Did his son fill out a FAFSA? These are all questions that the financial aid officer can answer. If this man's son won't take him to the financial aid officer, he should be very concerned for the motive behind his son's need for a loan
- Yes, a parent needs to co - sign a student loan. Usually you don't have to pay loans back until you graduate from school. I know City Bank has that
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