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If your child goes to college?

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If your child goes to college, are you cosigning for their student loans?

by on Aug. 2, 2013 at 3:03 PM
Replies (11-20):
by Emily on Aug. 3, 2013 at 12:51 AM

No ,we paid for our oldest and are planning to do so with our two teens.Our oldest both received some scholarships and we expect our younger two will also.If they don't we are prepared to pay.We tell our children upon college graduation we will give them 10% of any scholarships they earned.It helps with the motivation.

We also tell them we have money for school but not for only a party life.Grades and no drops w/out prior discussion are expected for us to pay their way through school.They seem to have fun and keep their grades where they should be.

by on Aug. 3, 2013 at 6:40 AM
No 'if' about it, and I don't see them needing loans, between scholarships and what we have put away for them, they should be fine. If need be though, yes.
by Silver Member on Aug. 3, 2013 at 7:22 AM

Yes.  My daughter will have some Stafford loans due to the fact she choose a private school instead of instate public.  Her loans will total $5,500 this year. We are paying the rest out of pocket.  The goal is to keep the loans low, about the size of a modest car.

by Shauna on Aug. 3, 2013 at 8:19 AM

Maybe. My dd has just enrolled in community college. She's completed FAFSA paperwork but won't know until Tuesday when she picks her classes what the difference between tuition and monies available is.

by Member on Aug. 3, 2013 at 8:42 AM

We have college funds set up that will cover a lot of it.  I expect them to apply for every scholarship under the sun and do work study.  Whatever is left (if any) will be student loans but THEY will pay them back - not me. 

by on Aug. 3, 2013 at 11:40 AM

We ae paying cash.

by on Aug. 4, 2013 at 11:18 AM
Yes for co-signing the loans, our kids will not get much money from scholarships or grants due to our middle income status. We pay on the loans while they are in school and will continue after they are done with school if they need help. I have seen too many kids that do not take ownership of their education because mommy and daddy are paying their way, they feel they are at school to have fun.
by on Aug. 4, 2013 at 12:55 PM
Only private loans need a cosigner. Private loans have a much higher interest rate than Stafford or other government loans. Our kids knew we would not take private loans, or cosign a loan they took. Not chancing a ruin of our credit, when there are ways to stretch what they had. No kid NEEDS private school. CC for 2 years saves a ton of $$$. Use your head, not my pocketbook.
by on Aug. 5, 2013 at 1:45 PM
No, he's paying it all on his own. Loans, grants, scholarships. I'm paying off my own loans and have nothing extra. Even if I did, he'd still be paying his own way.
by on Aug. 5, 2013 at 4:52 PM
My daughter is going to community college for the first two years (fingers crossed). Her dad and I are not happy with her right now because she procrastinated and in doing so will have to pay for some of her education. She failed to apply for any scholarships, even though my husband has been proding her for months. The first semester will go on a credit card.
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