Student loans are stressful, and someone may be asking you to cosign a loan for them (probably a child or grandchild), but you might want to pause before rushing into that decision.
This puts you in a place where you are responsible for the loan. If the primary borrower can’t pay then you must have to pay. And if the borrower pays late, you could face repercussions for that as well. And having that loan on your credit report can hinder you from taking out future loans. Sometimes, even if the primary lender has passed away, companies may try to get you to pay the remainder of the loan.
It’s a big decision for both students and cosigners to take into account.
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