College students who have exhausted grants, scholarships, savings and federal loans often pursue private loans.
For students without established credit, a cosigner is usually required.
Cosigning could help your child earn a degree, but it would be risky.
If your child didn’t repay the loan, you would have to.
Late or missed payments would hurt your credit. The loan would increase your debt-to-income ratio. Both could affect your ability to get your own loan or credit card.
Consider your child’s commitment to higher education and level of responsibility.
Even if your child wanted to repay the loan, a financial hardship could make that impossible.
Discuss all possible scenarios and options.
