2023-11-18 - 4:30 a.m.
I decided to co-sign a $6000 student loan for my kid.
I have done the same with the older ones-
and they have all been responsible and actually worked to pay off the loans taken out, usually within a year.
They got it-
that you have to work and pay ASAP
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.
Seriously
The kid said "YES I HAVE A JOB"
and
" I am on track to get a 4.0"
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"
WHICH
if the kid thinks a low wage job for a couple of months is enough to be credit worthy;
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
in an out of state tuition situation
HOWEVER
MAYBE I AM WRONG
I am open to the possibility
IT is a risk
I think a pretty good gamble
I mean truly a gamble
BUT I believe I will be able to pay the IN SCHOOL MONTHLY PAYMENT
*Hope the kid does too
Its about $50 a month
I just was like HELL NO when read the terms of the option of full defferal
or the option of the $25 mo in school payment
I had to go with what is at least only about 100% doubling the loan if you #$#& up and don't pay faster.
with FIXED rate.
a shitty something in the 11.5% range???
OY VEY
Freaking high
But at least can't go higher?
Its a shitty loan
COLLEGE AVE makes it easy to get shitty loans.
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 also reviewed the PAST college AVE history
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...
and costs go UP and by SENIOR yr they finally needed a little more help last minute.
So the fact there is no scholarships when STARTING
NOTHING is far more concerning as I sign this loan. It is not the yr of graduation after proven success and knowing that degree is coming soon.
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
the school
and life they want.
Its the best I can do.
I feel like I can be OK making the extra $50 monthly payments ( cause hell no I am not taking out a loan unless when tracking it I can follow to see the payments are made and if not do it myself. I am not going to take on any risk I CAN NOT MANAGE)
I hope this was not a mistake.
I did it for the long term relationship.
6000 seems a small amount in the scheme of things.
I also think
HELL if my kid needed rehab would I come up with it?
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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