Daughter's student loans

[andy158]

DON'T DO IT!!!!!!! I am stuck paying for loans for my son (parent plus) and he went to school for two years got kicked out because he wasn't doing what he was supposed to. He also took out loans in his own name and has since defaulted on them. Now I'm left paying for over $30k in loans and don't even have a piece of paper to show for it! Never, ever, ever, ever, ever sign for your children's school loans (or anything else for that matter).

Couldn't agree more. Co-signed for son's car back in 2008 and have been making his payments since December of last year! Even though we are in bk13 we are still legaly liable for it now or after discharge. Already questioned attorney on this one. Don't want to emerge from bk with a monkey still on my back. Just 7 more payments left.

[psirasmom]

No worries - she goes to a state college (and even gets her "tuition" waived - only $1000, but hey, it's still $1000!)

[psirasmom]

(oh - and she's going to be a high school english teacher!)

[Carmella]

I agree with the majority not to co-sign. In reality is it actually YOUR debt, if for whatever reason your daughter defaults you are on the hook for the loan. Legally it is new debt. If you really must/choose to do this then talk to your attorney so you don't jeopardize your Chapter 13. Do you have anyone at the attorney's office, I always talked to a paralegal who would relay the message.

Do you need to cosign. My daughter had loans on her own I did not have to co-sign. I helped to pay the amount that her student loan didn't cover. It sounds like she is already in college. I always recommend a local state school if available or starting at a community college taking credits that will transfer to a university if one choses to go to college and chose a viable career choice not something interesting if that makes sense. College has become a financial disaster for many.