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Would You Co-Sign a loan?

Discussion in 'BBS Hangout' started by Cesar^Geronimo, Jul 25, 2008.

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  1. Cesar^Geronimo

    Cesar^Geronimo Member

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    My Sister called and asked if I would co-sign my nephews college loan.

    My Sister and her husband are not the best with their finances and have bad credit and were denied the loan.

    I am not in a position to be able to repay the loan if they default and do not have great confidence in them being able to repay it.

    Am I an A$$ to say no?
     
    #1 Cesar^Geronimo, Jul 25, 2008
  2. twhy77

    twhy77 Member

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    Don't do it!
     
    #2 twhy77, Jul 25, 2008
  3. BigBenito

    BigBenito Member

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    Absolutely not. They are for asking.
     
    #3 BigBenito, Jul 25, 2008
  4. Smokey

    Smokey Member

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    No, you're not an @$$.

    The key is "I am not in a position to be able to repay the loan." That says it all. If you were in a position to pay off the loan in case of default, I'd say your choice but no one should judge you if you say no. It's not your fault they have bad credit.
     
    #4 Smokey, Jul 25, 2008
  5. Lil Pun

    Lil Pun Member

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    Why can't he get a federal student loan? They just give those things away.
     
    #5 Lil Pun, Jul 25, 2008
  6. Cesar^Geronimo

    Cesar^Geronimo Member

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    I'm not sure --- I also though everyone could get one of those. Maybe it's not enough.
     
    #6 Cesar^Geronimo, Jul 25, 2008
  7. Lil Pun

    Lil Pun Member

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    Where does he go to school?
     
    #7 Lil Pun, Jul 25, 2008
  8. meggoleggo

    meggoleggo Member

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    This is the entire point of being a co-signer. If you can't live up to this one requirement, then DON'T CO-SIGN.
     
    #8 meggoleggo, Jul 25, 2008
  9. A_3PO

    A_3PO Member

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    No, No and a thousand times No! This is something you could regret for a very long time.
     
    #9 A_3PO, Jul 25, 2008
  10. DaDakota

    DaDakota Balance wins
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    If you co-sign and the note is defaulted, it falls to you.

    I would not do it.

    DD
     
    #10 DaDakota, Jul 25, 2008
  11. heypartner

    heypartner Member

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    how do you get denied a federal student loan?
    did this all change?

    if not, I think they are not trying and haven't exhausted everything, yet.

    You can co-sign your nephew's federal student loan, too. I'd think about that if you think your sister might be wanting the loan for other things...rather than securing a student loan.
     
    #11 heypartner, Jul 25, 2008
  12. D-Lite

    D-Lite Member

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    My dad has bad credit.. so they denied my Parent Loan for college. Since that got denied.. they changed my loan to a student loan which means that I will have to pay it back when I graduate.

    So you may want to refer them to the Stafford Student Loan [i beleive its unsubsidized]
     
    #12 D-Lite, Jul 25, 2008
  13. D-Lite

    D-Lite Member

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    btw.. all of this was through fafsa
     
    #13 D-Lite, Jul 25, 2008
  14. heypartner

    heypartner Member

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    to answer your question...I'd co-sign almost anything for my three sisters. It's kinda a question only you can answer.
     
    #14 heypartner, Jul 25, 2008
  15. bnb

    bnb Member

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    I'm with HP on this one. Depends on your relationship with your sis and your nephew. Some things sound kinda fishy though...so clear them up, and have a talk with your nephew first. Will he be responsible for the debt?

    But if you sign....you have to be prepared to pay the loan.
     
    #15 bnb, Jul 25, 2008
  16. JuanValdez

    JuanValdez Member

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    For family, I will always co-sign. But, that doesn't necessarily make you an ass for saying no.
     
    #16 JuanValdez, Jul 25, 2008
  17. Deckard

    Deckard Blade Runner
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    No. You are asking for trouble in the family if you do, IMO. If it was your kid, sure. It's not.
     
    #17 Deckard, Jul 25, 2008
  18. JeopardE

    JeopardE Member

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    Even the bible says people who co-sign on loans are morons.

    Proverbs 17:18.
     
    #18 JeopardE, Jul 25, 2008
  19. TMac640

    TMac640 Contributing Member

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    Under no conditions do you co-sign. Co-sign is a nice euphemism for "My broke ass doesn't have to pay a single payment if I run out of money because XXX member of my family will do it since I've bent them over a barrel with them co-signing!"
     
    #19 TMac640, Jul 25, 2008
  20. no_answer

    no_answer Member

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    Hell no! If you want to keep YOUR good credit then don't do it. Since they have bad credit chances are high that they're not going to do the right thing and make payments.
     
    #20 no_answer, Jul 25, 2008
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