https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Wed, 29 Apr 2026 03:04:07 +0000 https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans/page/2#post-1792391 Thu, 31 Jul 2014 15:04:44 +0000 gingerbebe 1792391@https://boards.hellobee.com/ <p>Not totally related to this issue, but something I was reminded of because of the prenup thread:</p> <p>When we got married, DH and I were in the process of consolidating our student loans and were going to do a marriage consolidation where you combine everything into one giant loan. My financial aid advisor at law school strongly advised me not to do so not necessarily because of potential divorce complications, but because if one of you dies unexpectedly, the other is going to remain on the hook for the entire loan. If you have separate consolidations and you die, your loans die with you. Considering DH had way more loans than I did, we opted for separate consolidations. While its annoying to make 2 separate payments every month, I'm glad someone told me about it. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans/page/2#post-1791186 Thu, 31 Jul 2014 09:51:01 +0000 looch 1791186@https://boards.hellobee.com/ <p>@Mae: I fully support technical education, I think we're sorely lacking in options for kids that don't want to go to college, but need training post high school.</p> <p>I think you've hit the nail on the head that a large part of the problem is that the college degree has become the weeding criterion and it shouldn't be, but as more and more go to college that probably shouldn't or don't need to, the worse the situation is going to get. Eventually, does it mean that a masters is going to be required for an entry level job? </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans/page/2#post-1791055 Thu, 31 Jul 2014 09:16:36 +0000 mediagirl 1791055@https://boards.hellobee.com/ <p>I will admit I am very lucky to know nothing about student loans. That being said, if a co-signer is responsible no matter what, that is written somewhere in the paperwork, even if someone didn't sit the co-signer down and say, "If your child dies, you are still responsible for these." </p> <p>@yoursilverlining: you and I are on the same page here. While I am saddened that this woman lost her child, this quote (from the third link) is used ALL too often, "When my son took out this loan, no one explained anything to him or me,” Edwards said. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans/page/2#post-1791042 Thu, 31 Jul 2014 09:09:53 +0000 Adira 1791042@https://boards.hellobee.com/ <p>@avivoca: I mean, SUPPOSEDLY you would eventually catch up because if you start lower in the band, you're given better raises for the same quality of work. But I suspect in reality, I'll always be behind some of my coworkers who went to better schools. :bummed: </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans/page/2#post-1791035 Thu, 31 Jul 2014 09:06:04 +0000 avivoca 1791035@https://boards.hellobee.com/ <p>@Adira: That's so ridiculous. I wish employers would look at the quality of work, internships, and experience of a recent graduate rather than the name of the school they went to. </p> <p>I don't know how that would have affected me since my first job out of college was in my college town. Most of the people who work there didn't have a degree at all. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans/page/2#post-1790992 Thu, 31 Jul 2014 08:55:07 +0000 Adira 1790992@https://boards.hellobee.com/ <p>@PurplePumps: @avivoca: As far as I can tell, the only real difference between schools is how much your starting salary will be. I know that at my company, if you graduate from RPI with a 3.5, you'll automatically make more than someone who graduated with the same degree and same GPA but went to a state school like UMass-Lowell! Though I doubt it's enough to compensate for the loan repayment!!! </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans/page/2#post-1790977 Thu, 31 Jul 2014 08:50:46 +0000 avivoca 1790977@https://boards.hellobee.com/ <p>@dagret: @PurplePumps: Same here. I went to a small state school and now, seven years later, it doesn't matter where I went to school. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790949 Thu, 31 Jul 2014 08:39:51 +0000 PurplePumps 1790949@https://boards.hellobee.com/ <p>.@dagret: I agree! I honestly don't really think the school matters in the long run. Maybe at first to get your foot in the door it gives you a little edge, but a few years later, the job experience matters much more. I work in an engineering company and there are engineers from all difference school backgrounds, those who went to MIT (to the tune of 50k/year) to those that went to UMass Lowell (20k/year and not known for being a very good engineering school at all). I'm surprised my parents (since my dad is also an engineer) always pushed for the top best private colleges, when I actually doubt I'd do that knowing what I know now and what he should have seen in the work force also. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790931 Thu, 31 Jul 2014 08:33:45 +0000 Mrs. Lemon-Lime 1790931@https://boards.hellobee.com/ <p>@MrsBrewer: how did the loan double like that? Can you describe the terms? </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790925 Thu, 31 Jul 2014 08:31:32 +0000 Mrs. Lemon-Lime 1790925@https://boards.hellobee.com/ <p>@yoursilverlining: yes, to your point that co-sign means you are responsible for repayment. I am not sure why the parents are trying to get out of paying back the loans other than they cannot afford it and didn't ever think they would have to. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790914 Thu, 31 Jul 2014 08:27:48 +0000 dagret 1790914@https://boards.hellobee.com/ <p>I just want to say that I got a fantastic education at a state system school and now, 10 years out of college, it doesn't matter where my degree is from. I was a 1st generation college student and we didn't really understand the whole process. I'm so glad I didn't end up at a private school. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790905 Thu, 31 Jul 2014 08:24:49 +0000 Mrs. Lemon-Lime 1790905@https://boards.hellobee.com/ <p>@ElbieKay: my husband and I were having a conversation recently about why we started contributing to our 401k immediately when we started working. My parents always talked about it growing up and my college gave each graduate a financial tips booklet and it was in their too. My husband didn't receive any of those messages, but he had extra income and started funding because he didn't need the money. So in that case he was ignorant as to why it was a good idea, but none the less he made a good decision. Sometimes people don't know what they don't know. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790901 Thu, 31 Jul 2014 08:23:53 +0000 looch 1790901@https://boards.hellobee.com/ <p>@ElbieKay: yes, that's the issue! I think that if you're an third tier school, you really need to be careful about your value proposition/ </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790889 Thu, 31 Jul 2014 08:18:38 +0000 Mrs. Lemon-Lime 1790889@https://boards.hellobee.com/ <p>@looch: definitely agree with you. There is an accredited school willing to accept just about any student. When I hear people say "college isn't for everyone" I immediately think of two things 1) some people don't need the "incubator" of semi-semi-Independent living college affords and 2) some people know that their interests and chosen profession do not require a four year institution. </p> <p>I wish a bachelor's degree wasn't used as the litmus test in some cases because specialization, experience and applied skills end up sealing the deal for hiring folks anyway.</p> <p>A </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790882 Thu, 31 Jul 2014 08:15:29 +0000 Mae 1790882@https://boards.hellobee.com/ <p>@looch: Agree. A lot of colleges cost a lot more than they should. And also that not all kids SHOULD (have to) go to college. College doesn't really prepare kids for a lot of jobs and it would be great if there was more respect for technical programs, and also if there were more jobs that offered on the job training rather than requiring a degree (when honestly that degree means nothing in terms of preparedness for the job). But I think the problem is that there are too many people and not enough good paying jobs, and so requiring a degree is just an easy way to weed out applicants. And if almost all good paying jobs require degrees, our kids sort of HAVE to get them-- even though that means going into debt for an education they won't use beyond the saying they have it. I think a lot of this ties back to the outsourcing of manufacturing jobs. There used to be tons of those jobs and they paid well enough you could raise a family on them. Now all those hundreds of thousands of jobs are gone, or are so low paying that you can't count on that as a life plan, and that is really sad. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790881 Thu, 31 Jul 2014 08:14:57 +0000 ElbieKay 1790881@https://boards.hellobee.com/ <p>I am VERY lucky that my parents planned to pay for my full college tuition. Same goes for my husband, though he had a lot of loans from grad school which he finished paying off around the time we got married.</p> <p>My family (well, my dad) is also pretty well-educated when it comes to financial products, so I am speaking from a biased perspective. But I really wish people would be more prudent consumers when it comes to higher education.</p> <p>What really blows my mind is that a lot of mediocre private colleges charge similar rates as highly competitive colleges. Shouldn't it be cheaper to get a degree if it's not worth as much in the job market? </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790871 Thu, 31 Jul 2014 08:12:08 +0000 Mamaof2 1790871@https://boards.hellobee.com/ <p>My DSS is going to school this fall - he can get a loan on his own w/o a co-signer but the interest rates are MUCH higher. Having a parent co-sign gives him a lower rate. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790859 Thu, 31 Jul 2014 08:06:34 +0000 looch 1790859@https://boards.hellobee.com/ <p>I believe we have a crisis in higher education. I feel as though we have a lot of mediocre institutions that are way too expensive. I also feel as though we've kind of created the situation we are in because we've set the bar so that every person that wants to go to college can, and we've diluted the value of a degree. I think we need to think long and hard about what kind of training our kids need to compete in the global environment and stop thinking about the college experience as the end all, be all. </p> <p>I do think though, that lenders do have the responsibility to inform their consumers of the products and the risks in plain English. While they do go above and beyond with legal disclosures, they can be very difficult for someone without extensive legal training to understand. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790576 Wed, 30 Jul 2014 22:03:40 +0000 fussygal 1790576@https://boards.hellobee.com/ <p>Also, I should mention how gross it was that these lenders just gave and gave money to DH knowing he was a young kid (all of his loans were acquired during the nasty banking business in the mid '00s). I try not to think about it because it makes me sad and angry at the lenders and at younger DH, even though he had NO IDEA what he was getting into. Thankfully, his parents help us pay some of the loans because they feel partially responsible for co-signing and letting it spiral out of control. If it wasn't for them helping we'd be screwed. We both have good jobs, but we pay so much to his loans we can't save nearly as much for retirement as we'd like. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790564 Wed, 30 Jul 2014 21:58:14 +0000 fussygal 1790564@https://boards.hellobee.com/ <p>@Mrs.Pinecone316: We're in he same boat with DH and his parents. They took out life insurance in him a few years ago just to be safe. How did you find out that you qualify for them to come off the loan? </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790315 Wed, 30 Jul 2014 18:49:51 +0000 MamaMoose 1790315@https://boards.hellobee.com/ <p>@Mae: "A great education should not be a privilege only of the wealthy. It should be available to anyone who has worked hard enough to be accepted to that school." A nice thought in theory, but if the great institutions accept people regardless of ability to pay eventually they will no longer be great institutions that offer great educations because they can no longer fund research and professor salaries and extra curricular offerings etc etc etc. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790298 Wed, 30 Jul 2014 18:31:36 +0000 ShootingStar 1790298@https://boards.hellobee.com/ <p>My MIL had a life insurance policy on DH while he was paying back his loans. They had an interesting situation because she mortgaged her house to pay off his loans, and then he was paying on them. So she wanted to be protected in case something happened so that she didn't lose the house. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790229 Wed, 30 Jul 2014 17:38:03 +0000 loveisstrange 1790229@https://boards.hellobee.com/ <p>@Mrs.Pinecone316: Wow... that's a smart idea on your parents part. I would have never thought to do that. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790225 Wed, 30 Jul 2014 17:36:47 +0000 Mrs. Lemon-Lime 1790225@https://boards.hellobee.com/ <p>@Mrs.Pinecone316: that life insurance policy on you is such a smart decision. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790212 Wed, 30 Jul 2014 17:27:37 +0000 hotchildinthecity 1790212@https://boards.hellobee.com/ <p>@Mae: agreed. When i went to school, no state schools/SUNY offered my major. So i should have just given up what i wanted to major in to go to a cheaper school? Nope.</p> <p>Eta: i actually did go to a CUNY school for grad and paid out of pocket but thats a different story. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790210 Wed, 30 Jul 2014 17:25:41 +0000 Mrs. Lion 1790210@https://boards.hellobee.com/ <p>We are making a lot of sacrifices right now to be able to save so that college will hopefully be taken care of for our kids, but if for whatever reason it isn't I would push really hard for them to not take out any loans at all, and I would absolutely not take out of my retirement or co-sign on any loans. </p> <p>I do not believe that you HAVE to have a private college education to make something of your life, and I think that community college for the first two years is a perfectly legitimate path to take to save money if you don't have the cash. I took out very minimal loans, and it STILL was hard paying them off as a first year teacher. I have seen way too many peers (and people who have shared on here) struggle under the weight of their student loan debt, and I would absolutely not encourage my children to do that to themselves. </p> <p>There are plenty of other options in most situations, and I think it is an absolute tragedy that so many 22 year olds are coming out of college and are crushed with a mountain of debt that will follow them for so much of their lives. Let alone the kids who go to college, take out the loans, and then never graduate, for whatever reason. They still owe the mountain of debt, but don't even have the education to show for it. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790207 Wed, 30 Jul 2014 17:19:19 +0000 Mae 1790207@https://boards.hellobee.com/ <p>Without cosigning loans for your kids, most kids won't qualify for student loans on their own. Or at least not enough to go to their choice of schools. It is easy to say that okay, then kids should just go to a cheaper school! But is this really the answer? The really high ranking schools are mostly very expensive. Do we want only kids of wealthy families to go to the high ranked schools? Won't that just further increase the huge gulf between the upper and middle classes? A great education should not be a privilege only of the wealthy. It should be available to anyone who has worked hard enough to be accepted to that school. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790195 Wed, 30 Jul 2014 17:11:51 +0000 Dandelion 1790195@https://boards.hellobee.com/ <p>I will do my best to tell my kids not to take out loans for school. It's not worth it. We're saving for their education, and they can go to cheaper schools to avoid it. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790193 Wed, 30 Jul 2014 17:07:56 +0000 ladybee 1790193@https://boards.hellobee.com/ <p>@Mrs.Pinecone316: same. My parents took out a large policy on me as well. </p> https://boards.hellobee.com/topic/wdyt-parents-as-co-signer-for-private-college-loans#post-1790189 Wed, 30 Jul 2014 17:04:01 +0000 anandam 1790189@https://boards.hellobee.com/ <p>@looch: There is a maximum you can take out in federal loans and it's not always enough to cover tuition and fees. I had to take out about $80k beyond the federal limit from a bank to cover my graduate education. </p> <p>My interest rate would have been much lower if my parents had cosigned the loans but they were unwilling, for good reason! They had done their part for me by making sure I built credit from a young age with my first credit card in my teens when I got my first job. I'll do the same for my kids. </p>