Sentences with phrase «co-signed on some of that debt»
If your child happens to be a recent grad with a hefty amount of student debt — particularly if you co-signed on some of that debt — then life insurance can satisfy your part of the liability just in case.
https://www.policygenius.com/ Not exact matches
If you had to have your parent or friend co-sign with you to get approved for a loan, they are on the hook for the terms of the debt.
Lenders will take debt on the co-signed card into account when considering either of you for a loan.
The loan you've co-signed for can show up on your credit report, just like any other debt you have... As a result, the loan you've co-signed for can increase the size of your outstanding debt — added to your mortgage, credit - card balances, car loan or student loans — when lenders are deciding whether to let you borrow more money.
«Unlike other types of debt, if you default on a federal student loan, the government can garnish up to 15 % of your wages, tax refunds, and social security benefits... And if your parents co-signed your loan, their income can be garnished, too...»
A parent or guardian can co-sign on your loan and give the lender some sort of guarantee that you will pay your debt.
When you co-sign on a loan or line of credit, you assume full responsibility for the debt in the event the borrower defaults.
You have no obligation to pay your folks» bills post-mortem, although if you've co-signed any loans or own property with them, you could be on the hook if there's not enough money in the estate to cover their debt, says Sandra Foster, financial planner and author of You Can't Take it With You.
You may have the best intentions in the world, but if you co-sign for any type of debt for someone else, you are 100 % responsible for the full payments incurred on that loan.
Even if they do not yet have dependents (children of their own), millennials may also wish to consider life insurance if they provide financial support to their parents or carry student loan debt for which a family member has co-signed, said Reardon, noting term life insurance on young, healthy adults «is incredibly cheap.»
In layman's terms, just because the court orders one of the parties to pay a debt obligation, it doesn't release the other spouse from liability on the account if it was originally opened as a co-signed account or joint account.
After posting a couple times recently on what the Bible says about co-signing loans (see Free Yourself from the Debts of Another and Do Not Co-Sign for reference), I found this piece from MSNBC.
When you co-sign on a loan or line of credit, you assume full responsibility for the debt in the event the borrower defaults.
That amount of coverage will protect her parents for the total debt they co-signed on for 15 years, after which the student debt will be gone.