In 2017, Reconsider Co-signing Student Loans, Search College Scholarships First


April 4, 2017
by Susan Dutca
With more than 75 million struggling millennials and a colossal $1.3 trillion in student debt, parents should be wary of co-signing on a student loan, as it could greatly affect their future finances and retirement. While Americans highly value a college degree and many parents would sacrifice their finances to help their children, co-signers can be left in the dark if the college plan doesn't go as planned.

With more than 75 million struggling millennials and a colossal $1.3 trillion in student debt, parents should be wary of co-signing on a student loan, as it could greatly affect their future finances and retirement. While Americans highly value a college degree and many parents would sacrifice their finances to help their children, co-signers can be left in the dark if the college plan doesn't go as planned.

The majority of families afford college through college loans, especially when the average yearly cost of a four-year college degree is $80,000 at an in-state public school and roughly $200,000 at a private college. These numbers don't even account for the cost of not graduating on time, which happens often.

Nonetheless, co-signers are "willing to ignore harm to their credit rating and being burdened by loan payments in retirement." According to LendEDU, 57 percent of co-signers "believe their credit score has been negatively impacted by co-signing on a student loan" but "only 35 percent of parents regret [it]." 33 percent of co-signers did not even fully understand the risks of co-signing; and still, 66 percent of parents whose children asked for help on loans co-signed. Co-signers do have the choice to opt out of the agreement via a co-signer release, or if the loan is refinanced. Options such as Parent PLUS loans also require parents to repay the loans, so that they aren't "at the mercy of the student being able to make payments."

If co-signing loans is a necessity for your family, experts recommend having strong and open family communication. Being able to discuss debt, what financial information should be disclosed with children, and "examining the dollar-and-cents details" are crucial for successful co-signing. Either that, or avoiding it altogether. One way in which college can be paid for - sans the financial repayment or burden is through college scholarships, which do not need to be repaid and are awarded for various types of achievements, hobbies, talents and more. No matter your current year in school, there are dozens of college scholarships, scholarships for undergraduate students and graduate student scholarships waiting for you!

Just because there are millions of college scholarships out there doesn’t mean you have time to go searching, and many won’t even match your profile. We’ve done the work and Scholarships.com is totally free. We have the search algorithms and scholarships database, saving you time in searching, finding and applying to thousands of dollars in college scholarships. Get instantly matched to scholarships that meet your unique talents, skillset and strengths, only those you qualify for. Access a complete list of college scholarships now by conducting a free college scholarship search at Scholarships.com.

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 

    'Oh what fun it is to win scholarships to help pay for college! We've curated a selection of the best scholarships to apply for before the year is over. (Considering the 3.7 million scholarships we have, it was no easy task). Check out this list of 2017 scholarships and get a jump start on your financial aid package for next year by winning scholarships for college. :

End of the Year 2017 Scholarships

December 13, 2017 2:40 PM
by Susan Dutca
'Oh what fun it is to win scholarships to help pay for college! We've curated a selection of the best scholarships to apply for before the year is over. (Considering the 3.7 million
Photo by Rebecca Lurye/Hartford Courant
Midway through his It's OK to be White speech at the University of Connecticut, Conservative commentator Lucian Wintrich was arrested and charged with attempted larceny and disorderly conduct after he grabbed a woman who had swiped his notes off his lectern. The charges have since been dropped and in a reversal, the woman was arrested and charged with attempted larceny and disorderly conduct.

"It's OK to Be White" Protestor Turns Herself In

December 12, 2017 1:12 PM
by Susan Dutca
Photo by Rebecca Lurye/Hartford Courant Midway through his "It's OK to be White" speech at the University of Connecticut, Conservative commentator Lucian Wintrich was arrested and charged with
Pop-punk band Diet Cig has canceled its scheduled appearance at Messiah College due to the college's really serious anti-LGBT policies. The band has stated they have no desire to support or benefit from an institution that discriminates against LGBT students/faculty/staff.

Band to Messiah College: “No Gay? No Play”

November 28, 2017 11:00 AM
by Susan Dutca
Pop-punk band Diet Cig has canceled its scheduled appearance at Messiah College due to the college's "really serious anti-LGBT policies." The band has stated they have "no desire to support or
It's okay to be white signs were scattered on college campuses across the country, as well as in Canada over the past week. Reportedly, the signs were first suggested on an online chat forum called 4chan, calling on people to place posters in their area on Halloween night. At Harvard Law School, at least 20 handmade stickers with the message It's ok to be white were posted on light poles and electrical boxes. Harvard Law's Dean of Students Marcia Sells condemned the posters, stating the posters and stickers are intended to divide us from one another and that HLS will not let that happen here. The Department of Public Works removed the stickers shortly thereafter. Even after they had been removed, the message continued to circulate via social media through hashtags and videos, gaining both condemnation and support.

"OK to Be White" Signs a "Sign of the Times"?

November 7, 2017 11:47 AM
by Susan Dutca
"It's okay to be white" signs were scattered on college campuses across the country, as well as in Canada over the past week. Reportedly, the signs were first suggested on an online chat forum called
Halloween Day hadn't even officially arrived and college students (and even faculty) sparked outrage over their offensive and racially derogatory costumes. One of the images that went viral over the weekend was that of a police officer from the University of Nevada at Reno, who was dressed as former Quarterback Colin Kaepernick - allegedly in blackface and wearing a sign that read Will Stand for Food.

Colleges Investigating Offensive Halloween Costumes

October 31, 2017 11:09 AM
by Susan Dutca
Halloween Day hadn't even officially arrived and college students (and even faculty) sparked outrage over their offensive and "racially derogatory" costumes. One of the images that went viral over