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Alarming consequences of co-signing your child’s student loans

Source: Michelle Singletary, Washington Post (Paid Registration)

By May 1, high school seniors nationwide will have to decide where they want to attend college in the fall and send in their deposit. Not long after, they’ll be hit with the first full bill for their education. And many will need their parents to co-sign on a private student loan.

LendEDU, an online marketplace for student loans and refinancing, conducted a survey of 500 parents who have co-signed on their children’s private student loans.

Fifty-eight percent of co-signing parents said their children have asked them for help making monthly payments. Imagine the financial pressure you’d feel to give them money, especially considering that if you didn’t, they would be late or miss a loan payment, which would again blemish your credit profile, too.

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