Sentences with phrase «about cosigning»

The most important thing about cosigning is to confirm those signing the document are able to repay the balance, Kantrowitz says.

And even though we are talking about cosigning for your child's student loans, most banks do not require the cosigner and student to be related.

Yet they should be cautious about cosigning on any loans, as this makes them just as responsible for repaying the loan as the student borrower.

Here are some of the most frequently asked questions about cosigning student loans, with some simple answers.

Not exact matches

Another thing we like about NFCU is that the credit union allows you to cosign or secure your loan, which can help you qualify for a lower rate.

While parents are legally responsible for student loans they take out or cosign, many families have informal agreements about who is responsible for repaying student loans.

Learn about your responsibilities as a student loan cosigner and how cosigning a loan with Sallie Mae works.

There are two things we like about Citizens Bank: you don't need to be a member of Citizens Bank to take out a cosigned personal loan and the bank has great rates and terms.

Other borrowers worry about family members who cosigned the loans and are still on the hook for repayment.

My dad didn't immediately think about how cosigning would affect him, not to mention the danger in sharing sensitive information.

These cosigning agreements tend to be less risky as the parent can dictate how much the loan will be and probably understands their child about as well as anyone can with regards to trust.

Ifyou've cosigned a private student loan or taken out a Parent PLUS loan and are worried about a possible tax bill, you need to buy life insurance for your kid.

The big exception: if you've cosigned a private student loan with your child, you need to think about the unthinkable and buy him or her a life insurance policy.

You may care about the person and want to help them out but the risk to your credit should they default outweighs the benefit they'll receive from the cosigning.

This is another tricky issue, which we've talked about in detail in How To Cosign a Student Loan.

Most people don't think about that at the time that they cosign -LSB-...]

You can also keep in touch with the person you cosigned for and let them know about the issues you could face if they stop paying their bills.

Instead of cosigning, talk about why they need a loan in the first place.

«Cosigners sometimes learn about the consequences of cosigning a loan when they themselves try to qualify for a new loan or a refinance of an existing loan, such as refinancing a mortgage,» Levy explains.

Parents with low credit scores may have more to worry about — improving their credit scores, their kids debt, and if they cosigned, they need to be concerned about how their child will manage to pay back the loan, as this will inevitably affect their scores.

Parents with fair and good credit did not cosign as much for their kids — which may lead us to believe that parents who fall in this credit score range are more wary about taking the cosigning responsibilities for their kids.

If you do get approved for a cosigned loan, be extra careful about making the payments on time.

Before agreeing to cosign for a credit card, take the time to talk to your friend or family member about responsible credit usage.

They were looking at private student loans to pay for college, but they were concerned about having to cosign the loans.

While parents are legally responsible for student loans they take out or cosign, many families have informal agreements about who is responsible for repaying student loans.

According to our data, about 90 % of all private educational loans are cosigned.

When evaluating whether or not to cosign a loan, think about the following: — Can you afford to pay the loan?

Before cosigning a student loan or tapping into your retirement money, learn about these important factors.

However, I was thinking about buying a car and having my dad who lives in Michigan cosign for it.

Even if you already have a life insurance policy, maybe you've been thinking about getting one for your spouse, or for your child who is graduating college with a mountain of student loans you've cosigned.