Community Chat

[Lucky864]

Okay, so here is the scenario...

Your child just graduated highschool and was accepted into a college. She worked very hard, had good grades, and had a part time job to save up for a car. The university says that based on your income, you (the parents) have to contribute to 30% of the college costs. You don't have that much money upfront (no savings at all for college), so your daughter tries to obtain a loan but does not qualify since she has no credit history. Do you feel that you should or should not cosign for her, and why/why not?

I want to mention that this is not about me. I graduated from college many years ago, I'm just trying to understand my friend's position on this matter. I am also aware that many people put themselves through college. I am one of those people, however, the economy is in a completely different state now than it was when I was in school.

Please be kind and respectful of everyone's opinions. Thank you.