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Parents don’t regret this decision, but maybe they should

Source Date: 
Thursday, February 21, 2019
Categories: 

Parents often try to do what’s bestfor their children, including helping with studentloans and college tuition — but at what

costto them?

About 47% of parent cosigners felttheir children’s student debt had affected their retirement, according to a survey of 850

parent cosigners. More than 62% said their credit scores were negatively affected by cosigning private studentloans, and

40% said their decision to cosign has hurttheir ability to qualify for other types ofloans, such as a mortgage or car. Still,

More than 65% said they would do it again and 63% did not regretthe decision.

See: Parents: Help your child pay for college without draining your retirement savings

College tuition has skyrocketed in the past 10years, even when adjusting for in

ation, according to a 2017report by the

Center on Budget and Policy Priorities. Some states have seen the price for one year of college jump as high as about 90%,

such as inArizona. Students have amassed $1.4trillion in student debt, and it’s hurting their current

nances, adding to

other essential bills (like rent or a mortgage) and their ability to save for the future.

“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
The road to success is always under construction
– Lily Tomlin
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich