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Cosigning a student loan is a significant commitment that shouldn't be taken lightly. That's why it's crucial to carefully consider the long-term implications, and you should only do so if you ...
A co-signer takes on all the rights and responsibilities of a loan along with the borrower. This means that if the borrower can’t make a payment on the loan, the co-signer is responsible.
If your child is seeking a private student loan, you’ll likely need to act as their student loan cosigner. Plus, the loan will appear on your credit report and hike up your debt-to-income ratio.
Student loans cannot be discharged in a bankruptcy proceeding unless the debtor can demonstrate "undue hardship." [44] After the passage of the bankruptcy reform bill of 2005, even private student loans are not discharged during bankruptcy. This provided a credit risk free loan for the lender, averaging 7 percent a year. [45]
A private student loan is a financing option for higher education in the United States that can supplement, but should not replace, federal loans, such as Stafford loans, Perkins loans and PLUS loans. Private loans, which are heavily advertised, do not have the forbearance and deferral options available with federal loans (which are never ...
Getting a student loan can be complicated, and one way to improve your odds is to get a co-signer (or guarantor). Many borrowers resort to this option for a variety of reasons -- for instance, some...
The Massachusetts Educational Financing Authority (MEFA) is a self-financing, not-for-profit state-charted student loan authority created by the Commonwealth of Massachusetts in 1982. [1] The authority was created to provide fixed rate student loans and operate the Massachusetts 529 plan U.Fund, launched in 1999, and its prepaid tuition plan U ...
The answer depends on the type of loan you qualify to get and a host of other financial factors. Here's the basic information you'll need to know.Image credit: Getty Images.