Cosigning a student loan risky for parents – One question is bound to pop up as college students head to campus: "Hey, Mom, would you cosign for a student loan?" And too often that knee-jerk reaction is "Sure, why not?" Parents and grandparents.
As a cosigner, you should always treat the loan as if it were your own. Is a Cosigner for a Student loan treated differently? Just like with a personal loan, an auto loan, a mortgage or a credit card balance, your cosigner will be legally responsible for making the payments if you default on your student loans.
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The Responsibilities of Being a Cosigner. When you cosign for someone, you’re putting your name and credit on the line as security for the loan. If the person you cosign for misses a payment, the lender or other creditor can come to you to get the money. The late payment also shows up on your credit report.
Don’t Let Bad Credit Make You Homeless: 8 Ways to Get a Housing Loan – If you can’t pay your mortgage, the lender will be able to hold your cosigner financially responsible for the payments, making you less of a risk. Ask a trusted friend or family member if they’d be.
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People co-sign for other people to help secure mortgage loan financing, not knowing the full ramifications of what co-signing does for the long-term prospects of obtaining credit in the future.
Co-signing a Loan | Consumer Information – Before You Co-sign. Creditors will consider the co-signed loan as one of your obligations. Before you pledge property to secure the loan, like your car, furniture or jewelry, make sure you understand the consequences. If the borrower defaults, you could lose these items.
Can a Parent Co-Sign on a Mortgage? – Budgeting Money – Co-signing the loan gets the keys in your hands sooner, but comes with many disadvantages. Tip While a parent can co-sign your mortgage loan to increase your chances of approval, you should be aware of the downsides that come this decision.
Risks to Consider Before Co-signing Your Kid's Mortgage. – Cosigning a loan as large as a mortgage is a major decision that requires a lot of responsibility on your end, should things go wrong. Be sure you weigh the ups and downs before you say yes. Pros Cons; You’re helping the borrower get a loan they wouldn’t otherwise qualify for.