Current Events > My brother wants me to co-sign his $100K student loan.

(+) Yeah! (+)

4 years in a private university after repeatedly telling he'd make over $100K a year after college. It's been 2 years since he graduated and I make more money in blue collar than he does at some designer place.

k
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So he already graduated? Why is he applying for a loan?
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I'd be like hell no man. lol that's a lot of money to be on the hook for. Why doesn't he ask your parents? I'd assume their financial situation would be better than both of yours.
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Lolno
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What'd he study?

I don't need to tell you but it's a no-no
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no, keep money out of family. almost never ends well.
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bad idea lol
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Laugh on his face and ask him why the fuck would he ask his own sibling to take partial legal responsibility for his crippling debt
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You'll regret it most likely.
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Which is better for the parents:

1 son having $100k debt

2 sons having $100k debt

Just explain the math to him. He'll understand.
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Don't do it, that is a crazy amount of crippling debt waiting to happen.
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Did TC mean to say "wanted" instead?
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Never get involved with money and family. It's a direct reason why I haven't spoken to my parents in nearly 15 years.
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My parents are currently the cosigners but asked me if I can be the next cosigner. He's already graduated in fashion design 2 years ago and makes $45K annually. I told him if he knew how to budget, then he can easily pay that off in 5 years or less, but he constantly spends his money on expensive clothing and social activities (restaurants, bars, events, etc).

Fuck no
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Offworlder1 posted...

Don't do it, that is a crazy amount of crippling debt waiting to happen.

it's a liability. TC don't want a liability. it's bad enough to be 100k in debt.
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FFVII_REMAKE posted...

My parents are currently the cosigners but asked me if I can be the next cosigner. He's already graduated in fashion design 2 years ago and makes $45K annually. I told him if he knew how to budget, then he can easily pay that off in 5 years or less, but he constantly spends his money on expensive clothing and social activities (restaurants, bars, events, etc).

Lol wow there is no reason for you to get involved in this
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My dad told me to never co-sign a loan, even if it was for him.

FFVII_REMAKE posted...

My parents are currently the cosigners but asked me if I can be the next cosigner. He's already graduated in fashion design 2 years ago and makes $45K annually. I told him if he knew how to budget, then he can easily pay that off in 5 years or less, but he constantly spends his money on expensive clothing and social activities (restaurants, bars, events, etc).

What in the flying fuck?
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@MabusIncarnate posted

Never get involved with money and family. It's a direct reason why I haven't spoken to my parents in nearly 15 years.

story plz
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DifferentialEquation posted...

@MabusIncarnate posted

Never get involved with money and family. It's a direct reason why I haven't spoken to my parents in nearly 15 years.

story plz

Not going to get heavy into it, but growing up, I worked 35 hours a week from 16 to 18 while attending high school, and about 60 a week working two jobs in the summer and they got all of it outside of car insurance and gas money to help them keep the house after my dad was laid off. I put college on halt and joined the military because the sign on bonus was $8,000, half of that I received immediately and gave all to them. They got most of my income during that time, while I attended college online during my service and got a degree through the G.I. Bill. Overall, when it was said and done, between the age of 16 to 22, they got about 70 grand out of me if my math is adding up, until their house was paid off.

They lived in Ohio and I lived in Atlanta shortly after and drove up to visit them during the winter. Unfortunately when I was there, the transmission dropped out of my car and I was short about $340 in savings to pay for it all to get home, so I asked to borrow $400 to cover the rest of the repair and gas to get back home.

I was home all of 5 days before my dad was on the phone with me demanding the money back, mind you he was working again and the home was now paid off, so they were living reasonably comfortably. I told him it would need to be in about two weeks when my next pay check came in and he hung up on me. I received a court summons and they filed with the small claims court to get the money back over the $400. I instead took out a small loan that day and wired them the money the same day to settle outside of court, called him and pretty much told him to go fuck himself. That was the last day we spoke, they made no attempt to reach out since.
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MabusIncarnate posted...

DifferentialEquation posted...

@MabusIncarnate posted

Never get involved with money and family. It's a direct reason why I haven't spoken to my parents in nearly 15 years.

story plz

Not going to get heavy into it, but growing up, I worked 35 hours a week from 16 to 18 while attending high school, and about 60 a week working two jobs in the summer and they got all of it outside of car insurance and gas money to help them keep the house after my dad was laid off. I put college on halt and joined the military because the sign on bonus was $8,000, half of that I received immediately and gave all to them. They got most of my income during that time, while I attended college online during my service and got a degree through the G.I. Bill. Overall, when it was said and done, between the age of 16 to 22, they got about 70 grand out of me if my math is adding up, until their house was paid off.

They lived in Ohio and I lived in Atlanta shortly after and drove up to visit them during the winter. Unfortunately when I was there, the transmission dropped out of my car and I was short about $340 in savings to pay for it all to get home, so I asked to borrow $400 to cover the rest of the repair and gas to get back home.

I was home all of 5 days before my dad was on the phone with me demanding the money back, mind you he was working again and the home was now paid off, so they were living reasonably comfortably. I told him it would need to be in about two weeks when my next pay check came in and he hung up on me. I received a court summons and they filed with the small claims court to get the money back over the $400. I instead took out a small loan that day and wired them the money the same day to settle outside of court, called him and pretty much told him to go fuck himself. That was the last day we spoke, they made no attempt to reach out since.

Damn, sorry to hear that. I probably would have done the same as you.
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MabusIncarnate posted...

You made the right decision. Fuck them.
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It crushed me, they never even attempted to pay me back anything, and I never asked for a single penny. I considered it the right thing to do and it's what family does for each other. Man did I have a rude awakening. They had a history of taking from other family and then not speaking to them also, my mom cut off communication with both her brothers, sister, and father by time I moved out. I never met my grandmother on my dad's side because of a bad relationship either.
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I have not ever heard of someone co-signing on a loan after it has already been disbursed. What exactly does that accomplish? Normally a co-signer is required to get a loan in the first place if someone has no credit or poor credit, as the co-signer is the insurance the loan will be paid off.

So aside from the person who has the loan screwing someone else over, why would this even be an option?

Edit - Forgot to say the important part, don't co-sign. If you want to help him out at times, help make a payment or part of a payment here or there. DO NOT put yourself at financial risk by accepting legal responsibility of the loan.
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He a doctor or something?
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MabusIncarnate posted...

It crushed me, they never even attempted to pay me back anything, and I never asked for a single penny. I considered it the right thing to do and it's what family does for each other. Man did I have a rude awakening. They had a history of taking from other family and then not speaking to them also, my mom cut off communication with both her brothers, sister, and father by time I moved out. I never met my grandmother on my dad's side because of a bad relationship either.

Wow they sound like terrible people.
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Sativa_Rose posted...

MabusIncarnate posted...

It crushed me, they never even attempted to pay me back anything, and I never asked for a single penny. I considered it the right thing to do and it's what family does for each other. Man did I have a rude awakening. They had a history of taking from other family and then not speaking to them also, my mom cut off communication with both her brothers, sister, and father by time I moved out. I never met my grandmother on my dad's side because of a bad relationship either.

Wow they sound like terrible people.

Pretty much. My wife's family has been more family to me than my own ever was. I'm thankful every day for that.
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