Kid created nightmare for parents

A student loan can ruin a kid’s relationship with his or her parents. Whether it is private or public, college education is not cheap and many students get student loans and parents co-sign for loans. Some do discuss the student loan payment responsibilities with their kids and others presume that loans will be paid back by the person benefiting from the loan. If there is no clear understanding where the responsibility lies, it could later ruin the relationship with parents, often time co-signers for student loans.

Any delay in repayment of a student loan or non-payment affects the co-signers credit score and goes on their credit report. Student loans cannot be wiped through bankruptcy either. Late payment notices arriving at co-signers home affect their health and well-being. One advice for parents and college students, review amounts you need for college and what will be your earning potential after college. Look for student loan after you exhaust all other free financial help. Work while in college to reduce dependency on student loans. Plan ahead, together with your parent’s help before you sign on to a student loan. If you get into trouble, there are services that may help you to manage your debt including student loans.