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Be careful about student loans
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<blockquote data-quote="AppleCori" data-source="post: 702597" data-attributes="member: 16024"><p>I did co-sign student loans for my three adult kids. However, I knew they would pay them back themselves and not stick me with the bill. </p><p>Two of the three have paid their loans off in full, long ago. One still has some to go, but I have no worries.</p><p></p><p>I think the lesson here is two-fold...make sure you don't sign for a loan that you can't afford to pay back, and make sure that you are making a wise investment, not an emotional one.</p><p></p><p>And I definately wouldn't co-sign for a loan that I didn't think my young adult could reasonably pay off. I have a problem with young people being saddled with a crushing debt at the beginning of their adult lives.</p><p></p><p>My hubby told his D C (oldest) that he had to take out loans on his own and dad would pay them off at the end of the year, if he had a certain acceptable grade. Of course, this didn't happen, and son dropped out and defaulted and the government is taking his tax return every year till it gets paid in full.</p><p></p><p>The younger son got a full scholarship but took out loans to pay living expenses, which we were against, since he could have lived free at home and gone to the same school. His mom had convinced him that dad would HAVE to pay his living expenses if he moved out, and that she would help, too. She has renigged on most of what she said she would pay for, and while dad did pay for some things he felt was reasonable, he decided he was not going to finance an apartment when it was unnessassary.</p></blockquote><p></p>
[QUOTE="AppleCori, post: 702597, member: 16024"] I did co-sign student loans for my three adult kids. However, I knew they would pay them back themselves and not stick me with the bill. Two of the three have paid their loans off in full, long ago. One still has some to go, but I have no worries. I think the lesson here is two-fold...make sure you don't sign for a loan that you can't afford to pay back, and make sure that you are making a wise investment, not an emotional one. And I definately wouldn't co-sign for a loan that I didn't think my young adult could reasonably pay off. I have a problem with young people being saddled with a crushing debt at the beginning of their adult lives. My hubby told his D C (oldest) that he had to take out loans on his own and dad would pay them off at the end of the year, if he had a certain acceptable grade. Of course, this didn't happen, and son dropped out and defaulted and the government is taking his tax return every year till it gets paid in full. The younger son got a full scholarship but took out loans to pay living expenses, which we were against, since he could have lived free at home and gone to the same school. His mom had convinced him that dad would HAVE to pay his living expenses if he moved out, and that she would help, too. She has renigged on most of what she said she would pay for, and while dad did pay for some things he felt was reasonable, he decided he was not going to finance an apartment when it was unnessassary. [/QUOTE]
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Be careful about student loans
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