Educational loans

CO-SIGNING TRENDS J= ax 2,718281828| If a student has little or no credit history or limited income, a cosigner may help the student to qualify for a loan and potentially receive a lower interest rate. Some private loans, don't have the same protections as federal loans. You can be declared in an "automatic default" if your co-signer dies or files for bankruptcy. A cosigner is someone who shares responsibility with the student borrower for repaying the loan. Source : http://www.avanse.com/avanse-education-loans/ STUDENTS ARE OFTENREQUIRED TO GET A CO-SIGNER IF THEY HAVELITTLEOR NO CREDIT HISTORY 90% Two major things happen when you co-sign a loan: Co-signed Loans About 90% of all private student loans were co-signed in 2011, most often by a parent or grandparent. e= You tie your credit history to the credit record of the That's up from 67% in 2008. You also become the borrower person getting the loan KEEP THIS IN MIND of 81828 2a Responsibility Not a Backup Collection You are wholly and equally responsible for the debt. Not half or some, but all of it! You're not just a backup borrower. When you co-sign for a loan, you are agreeing to pay that debt in full if the primary borrower defaults or misses even just one payment. P(AR The same collection methods used for the primary borrower can be used to collect from you too. Including getting a court judgment to intercept some of your wages. PCB) GOšo Young Adults Love Co-signers Nearly two-thirds of young adults have used a co-signer to obtain not just student loans but credit cards, car leases, home loans, according to a recent survey from Experian Consumer Services. Mainly because their lack of credit history, or being unable to meet the monthly income requirements for certain type of loans. When you are the only person who took on the debt, nobody else will be responsible for it. BUT: All your valuable assets will be used against the debt. Preparation is Key Preparation can be key to avoiding problems after18 your death. You can structure and separate accounts to avoid leaving family members or friends with your debts and make sure to stay on top of things when possible. Many sources recommend using a lawyer when doing your financial planning after your death, to make sure you don't leave any loose ends. Vehicle / Property Bank Accounts House ill