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Monday, August 27, 2012

We Cosigned Our Unemployed Son’s Student Loans. Now We’re Screwed

If you retain one piece of information from reading this site, let it be this one: never co-sign anyone's student loans. Not your spouse's student loans. Not your best friend's student loans. Not your nephew's student loans. Not even your own child's student loans. It is the worst possible kind of debt to assume on behalf of someone else. The balances can be huge, the debt can't be discharged in bankruptcy, and there's nothing to repossess. That's what anonymous parents M and D have learned, the very hard way.

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Anonymous said...

If you co-sign, you're name is on the dotted line.

Anonymous said...

It's not like you don't know where he lives to collect your money! "Look in your basement".

Anonymous said...

I learned this very early in life...the hard way. Never - NEVER - NEVER co-sign for ANYBODY. They will always find another sucker, or another lender willing to take the risk. The only person(s) who will benefit from your signature is the lender and the "commission broker" who is pushing for the loan.

Anonymous said...

the story ends at "We Cosigned..." no one held a gun to their head. the language states that if the kid doesnt pay you will.

live with it.

Anonymous said...

I would'nt even co sign for a layaway.Just go through life assuming that no one can be trusted when it comes to money.