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This is exactly why most financial experts are so adamant telling parents not to co-sign unless they can afford to pay the loan if they have to. Sad, but not the bank's fault.
More to the story in the linked article but curious to see the opinions
THEY borrowed the money! When you cosign a loan, YOU are the borrower! How could they have been so stupid! Even if their child had finished school and gotten a decent job, there was a very good chance that the child would have defaulted anyway.
It appears to me that ncole's point is that if an insurance policy increases the cost to the point where people can not afford to send their children to school without jepordizing their own future(taking out massive loans without being able to insure against an early death) then we have a problem.
Term insurance is incredibly cheap, especially for a traditional student just out of high school. It seems to me that if I have agreed to co-sign for 100k of loans, spending $100 a year for term life insurance would not jeopardize my future. Just the opposite.
Term insurance is incredibly cheap, especially for a traditional student just out of high school. It seems to me that if I have agreed to co-sign for 100k of loans, spending $100 a year for term life insurance would not jeopardize my future. Just the opposite.
Term insurance is incredibly cheap, especially for a traditional student just out of high school. It seems to me that if I have agreed to co-sign for 100k of loans, spending $100 a year for term life insurance would not jeopardize my future. Just the opposite.
Thank you for stepping in and helping.
I'm not sure, but it doesn't sound from the first post that the woman even had life insurance. IMO it is extremely irresponsible for a parent of 3 not to have life insurance, especially when she is relatively young and it would be cheap. It sounds like his daughter just didn't plan well financially, and unfortunately dad is paying for it.
This is why I took a bus to Planned Parenthood when I was 15 and got on the pill. This is why I took out federal student loans and put myself through nursing school and now make over $100,000. a year.
I'm not sure, but it doesn't sound from the first post that the woman even had life insurance. IMO it is extremely irresponsible for a parent of 3 not to have life insurance, especially when she is relatively young and it would be cheap. It sounds like his daughter just didn't plan well financially, and unfortunately dad is paying for it.
If you have cancer you're going to be taking a lot of pain pills. Wow, tough crowd.
Where did you read she had cancer?
What is "tough" about stating some of her student loan debt may have been from her very expensive drug habit? Some of those pills she was taking are $60 each. It is hard to believe she needed 100k of private debt to pay for her education; it is easy to believe at least some of the debt was to cover other expenses.
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