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Should I cosign for my child鈥檚 student loans?
Cons of cosigning for student loans are obvious, and can include: Your credit score can take a hit if your child pays their bills late or defaults on their loans. You will have to pay off the student loans if your dependent fails to. Parent PLUS Loans are federal student loans taken out by parents to fund a dependent鈥檚 education.
Do you need a cosigner for a Parent PLUS loan?
Federal Parent PLUS loans don’t require a cosigner, but that’s because only parents are responsible for repaying them.鈥?Here are some of the best private student loan vendors (offering some of the lowest rates or rate discounts), according to Credible鈥檚 resident experts.
What percentage of private student loans have a cosigner?
Roughly 91% of all private undergraduate student loans have a cosigner. What Are the Downsides to Cosigning My Child鈥檚 Loan? If you鈥檙e looking to privately fund your child鈥檚 education costs, it means they likely need the help to pay for college, just like many Americans do.
Should parents be involved in financing college?
With that in mind, it鈥檚 not uncommon for parents to get involved in financing college 鈥?either as a cosigner on a private student loan or a borrower for a Parent PLUS loan or even a private parent loan.