I do debtor-creditor, bankruptcy and tax law, and I always advise my clients to never, ever cosign anyone else’s student loan, even that of your spouse. Student loan debt is worse than any other debt, even taxes. Tax debt can sometimes be discharged in bankruptcy and eventually expires in any case. Student loan debt is nondischargeable and it will follow you to the grave. Any accrued interest is typically compounded yearly, so if you can’t make the full interest payments, your balance grows. If you must borrow to pay for a family member’s schooling, get a bank loan.
[Student loan debt is worse than any other debt, even taxes....Student loan debt is nondischargeable and it will follow you to the grave.]
I agree. I have studiously (pun intended) avoided any student debt for these 8 Obama years. I could take classes ... and STILL not be able to find a decent job.
Those days are pretty much over. The cost is way too high these days given the REAL unemployment situation in the U.S.A.