Daughter's student loans

[psirasmom]

Hey all - checking in. Things have been going well (TIGHT, but really well)

It's that time of the year again where I need to apply for student loans for my daughter. The loans actually go in her name, but I am co-signor 1, and my mother is co-signor 2 (because my ex is a joke who won't co-sign for his own kid....but anyway....)

If I co-sign again for her, does this create an issue? Technically that would be establishing new debt....but it's her in reality.

I've emailed my attorney but since the order was confirmed, he's pretty much gone MIA....

[HHM]

hate to side with your hubby, but cosigning is potential financial suicide. You are 100% liable no matter how you slice it.

[AngelinaCat]

Hi psirasmom: Don't cha just love it when the attorneys go MIA?

That said, and gotten off my chest, can't your daughter go about getting her own loans now?

How old is she? Is she working at least part time, and can she pay for some of her course work herself? Sometimes you have to let the adult child fend for his/herself.

This line of questioning may seem hard, but I work part time for a college and it seems like the costs are going up for the students. You are in an active CH13. You have very little wriggle-room to mess with.

I hate to see co-signers, co-co-signers, and co-co-co-signers of loans going on endlessly. The next biggest economic implosion is expected to be student loans.

I urge you and your daughter to actively find other sources for her education funding.

Good wishes to you, though I know that isn't what you would like to read.

[AngelinaCat]

hate to side with your hubby, but cosigning is potential financial suicide. You are 100% liable no matter how you slice it.

Read this after I posted my long thesis. HHM is on point and correct. Now is the time to let go the apron strings and let daughter learn to fend for herself. YOUR financial health should be the utmost priority.

[pamkev]

I now regret cosigning for my daughters students loans and wish I never did hindsight is always better. She has been told that she is on her own for paying for college next year. We will help her with what we can but we need to get our financial health better so we can look forward to retirement years which are only 10 years away

[HHM]

As to your question, it is new debt and you are in an active 13. I would think you would need to get approval from the trustee. You probably have, or had, a trustee information sheet that gave you some guidelines, but debt is debt regardless of who pays for it. So, technically, you probably need to get a approval. The trustee will probably approve it because at least in the short run, the new debt does not hamper the chapter 13 plan.

[zeezee]

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).

[pamkev]

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).

Total agree. My daughter taking forever to finish college and I'm already paying back one of her loans never again

[AngelinaCat]

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).

Thank you zeezee, for that testimonial. As the wife of one who co-signed for a car loan for an acquaintance, I second and Triple that (e)motion. Never EVER, NOT EVER co-sign a loan for anyone, no matter who it is, and/or how much they try to bully and/or guilt you into doing it.

[ottoagain]

Never ever co-sign. NEVER
Harsh but, true.

[AngelinaCat]

Never ever co-sign. NEVER
Harsh but, true.

Hi Otto, welcome to the forum!

[psirasmom]

Well, I see the general consensus is against signing with her

I'm not sure if she can get loans on her own as of yet, because she's never really had a job (other than 4 hours a week at McDonalds for the last 3 months of high school)!

[AngelinaCat]

Well, I see the general consensus is against signing with her

I'm not sure if she can get loans on her own as of yet, because she's never really had a job (other than 4 hours a week at McDonalds for the last 3 months of high school)!

Then she may have to work a little while and go part-time. Colleges also have work/study programs where she can work x number of hours in the Library and use that toward a course or two. It may take her longer to do this, but she may come out of this more financially savvy, and debt free.

While I am at it, please tell us that she is going to a local in-state college or university, where the tuitions are typically much cheaper. The guidance counselors at the high schools, have for at least the past 20 years, been pushing the name-brand Ivy-League schools to students who were neither prepared academically, or emotionally to move that far from home, with less than stellar success.

(I work in a small local college library, and can say this. I have also worked in a high school and have seen such counselors in action.)

[pamkev]

Then she may have to work a little while and go part-time. Colleges also have work/study programs where she can work x number of hours in the Library and use that toward a course or two. It may take her longer to do this, but she may come out of this more financially savvy, and debt free.

While I am at it, please tell us that she is going to a local in-state college or university, where the tuitions are typically much cheaper. The guidance counselors at the high schools, have for at least the past 20 years, been pushing the name-brand Ivy-League schools to students who were neither prepared academically, or emotionally to move that far from home, with less than stellar success.

(I work in a small local college library, and can say this. I have also worked in a high school and have seen such counselors in action.)

Again I agree when I went to my daughters guidance counselors in high school for a meeting to get his help to make her see it's best to start out at a small community college much to my horror he sided with her and now she is in NYC obtaining a art degree that will get her no where. MY son on the other hand never went to college learned a trade and is doing great. Don't' get me wrong I think college is great but I do think the push to get all kids to college is another big business idea to make them rich and us poorer just my thoughts.

[ottoagain]

I did not go to college. I joined the US Navy where I was a boiler technician. 30 years later I am still working on heating & air conditioning equipment and love my job. The work will never get outsourced overseas, it's challenging, pays great (70K last 3 years), and I am always working at a new jobsite.