As a parent, you want to help your kids out, especially when they are starting college. After all, you want them to get their education, and cosigning for a student loan may seem like a great way to support them.
Generally, if you have good credit, choosing to cosign on a student loan can give your kids access to better interest rates. But, there are risks when you become a cosigner too, so you shouldn’t automatically jump in.
To help you decide if you should cosign for that student loan, Read more [...]
Let’s face facts; college is expensive. No parent wants to see their child saddled with thousands upon thousands of dollars in debt, or sacrificing decades of financial well-being to repay it. Student loans are a serious burden; one that I’m sure you’d do anything to help them avoid.
Since many parents of college-aged children have been contributing to a 401(k) for many years, it can be tempting to use some of those funds to help pay for their child’s education. If you are considering using Read more [...]
Student Loan Hero is sponsoring this post. They asked me to check out their site and provide an honest review for my readers. What I found was a useful tool for student loan borrowers — particularly new graduates. My biggest financial mistake was not to take out student loans, but to ignore them for too long. With $200,000 in student loans, I thought that paying them off forever was a foregone conclusion. Then I read Dave Ramsey’s Total Money Makeover and met the frugal folks over on Mr. Read more […]