2023-11-18 - 4:30 a.m.
I decided to co-sign a $6000 student loan for my kid.
They got it-
before your $6000 loan becomes a debt of $12000
Student loans are nototious for ridiculous predatory lending.
I was not going to sign based on the kid being an ASSHOLE to me.
The kid said "YES I HAVE A JOB"
and then the delusional statement of
"It is just this semester I need help with , I will get scholarships" and "after a work history I won't need your help and can get approved for loans myself"
and if the kid thinks carrying a 4.0 after three classess is enough to get scholarships
IS where I think the delusion is coming in that the total in scholarships and ability to borrow will be at all NEAR the difference of the money the kid will need to CONTINUE this college path
on the west coast
MAYBE I AM WRONG
I am open to the possibility
IT is a risk
I mean truly a gamble
BUT I believe I will be able to pay the IN SCHOOL MONTHLY PAYMENT
Its about $50 a month
I just was like HELL NO when read the terms of the option of full defferal
I had to go with what is at least only about 100% doubling the loan if you #$#& up and don't pay faster.
with FIXED rate.
a shitty something in the 11.5% range???
But at least can't go higher?
Its a shitty loan
BUT I decided to support the kid. Cause the emotional support is truly important
and I DO LOVE MY KID
and I DO BELIEVE IN MY KID
I fully believe this kid will succeed
and I might be wrong.
They act like this is the only loan they will need.
I supported the most recent college grad with two small loans-
last two semesters of college. SEE I EXPECT this to be needed SENIOR yr . That was when my last two kids needed help. They had lots of scholarships
but then the tuiton increases, and they are not yet working much etc...
So the fact there is no scholarships when STARTING
I ALSO had more income then!
I Said NO to the older kid the year before
BECAUSE in fact I could not help her as had just taken out a loan to hire a lawyer to help THIS kid get through high school!
It would be easier to not worry if this kid had any sense of gratitude and showed any love at all toward me.
BUT I decided I would help now. And then the kid is on their own to make this west coast life work
Its the best I can do.
I hope this was not a mistake.
6000 seems a small amount in the scheme of things.
I also think
HECK YEAH if I could and needed to do so.
I think of my friend who does not have her daugthers who died.
And figure I should be confident and grateful and nothing but proud of my kid who was so brave to go off to college on own and determined could make it work.
I think that might be
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