Student Loans a "Ball and Chain" for Parents Too!

Co-signing a student loan? You may never be able to free yourself

Excerpt:

Parents and grandparents who signed on to their kids’ private student loans are having trouble getting out of them, even when their student is successfully paying back the debt, a new report suggests. About 90% of co-signers who applied to be released from a private loan were rejected, according to a Consumer Financial Protection Bureau review of more than 3,100 complaints about private student loans. Often student borrowers can’t qualify for a private loan without a co-signer and even if they do, a more credit-worthy co-signer could give them access to a lower interest rate. “Parents and grandparents put their financial futures on the line by co-signing private student loans to help family members achieve the dream of higher education,” said CFPB Director Richard Cordray

Comment: Image source. We know parents who are co-signers with their children's loans and are unable to retire.