Anytime you co-sign, expect to have to pay the loan yourself.

Yeah, my little brother did this to my Mom after Dad refused to co-sign for him because he knew what would happen. And sure enough, he made a few payments and bailed leaving Mom holding the bag. He was making good money too and could have paid. What ended up happening was my Dad bailed Mom out and cut my brother out of his will and explained why.

I hate and cringe when family and friends ask me to cosign for them, it's so hard to tell them no because I have love for them but I can't trust anyone with a financial commitment because anything can happen in life.

I'm 25 and making 60K. Paid off about 30k of student loans all by myself without my parent’s help. His son needs to grow a pair and be an adult.

I learned this lesson the hard way! NEVER co-sign. It destroys families. If you can't afford something with cash, or get a loan on your own never include no one else.

Full Sail... They borderline harassed me after a rep came to my high school and I just signed a piece of paper that said I was interested in graphic design or animation. When I saw how expensive they were I said NO WAY. They called me multiple times a week a one point and didn’t get the hint FOR YEARS. I was in year 2 of my AA when I basically yelled at them over the phone and said, “I am going to be a social worker. I am not interested and NEVER WILL BE. For the millionth time, don’t ever call me again!” It took 2 years, y’all.

I co signed for my son on an auto loan but for not more than I had in cash savings. He paid it off ahead of time. I feel fortunate after hearing this story.

Poor Dad...gets himself out of debt then gets hit with his grown child's debt.

You raised him... You signed for the loan... What was your question again?

I'm 26, and starting to understand why my father never wanted to co-sign any student loans for me. I'd never in a million years want to end up in a position like this, on either end.

This is the number #1 leason I learned from Judge Judy. Never co-sign for a family member.

I had to tell my child, No, and I didn't care how angry she got. I told her to get a second job, save that money, for a year and she won't need a cosigner. Child or no child NEVER COSIGN. I feel so sorry for this man

The son should move back home with his dad and work 16 hours a day, sleep 8, repeat until he pays off the loan

"he is trying to be self-employed" smh, u have 53k in student loans and you are trying something. His son needs to start grinding!!

Co-signing - you have nothing to gain and everything to lose. Don't do it.

I recently signed for a private loan to pay my tuition. My dad offered to co-sign for me to get a lower interest but I was like no, let this be my responsibility.

Here's my theory on life: Do not co-sign for ANYONE. Do not lend money because you'll make an enemy if and when you want to get repaid. If you are single, do not let anyone move in with you because it can be very hard to get them to move out.

Your first mistake was agreeing to take out a loan for him to go to Full Sail. The school of "training kids to do really fun stuff that will never make them money".

Oh my gosh how horrible......I could never imagine doing that to either of my parents.

I already told my kids. I will help pay for your tuition but I won’t co-sign for anything.

I went to that scam school before for computer animation.i ended up leaving and going to a real school. BEWARE TO ALL: do not go to Full Sail University!!!

Kids are a 20% joy & 80% pain.

Cosign means “you will be pretty much responsible for the rest of the payment after i pay the first one”

An unmotivated person trying to start a business is not going to happen! To be successful in your own business plan on 60-80 hours a week for many years.

It just never ends well...be strong and just say no to co-signing. It hurts more than it helps in the long run.

Beans and rice is actually not that bad

Never co-sign. Either you give the money as a gift or let them take the loan out themselves. If they don’t qualify on their own, then they wait until they do qualify.

Son will not pay this back, Dad. Do not expect that. First the cost of a divorce and now this debt. It is tough.

If he heard from Wells Fargo, then it's probably not a federally insured student loan. It's probably a private loan. He's in a really bad situation either way.

Never cosign for anybody Unless you're ready to pay for it

My bro did this to my mom. Lets just say she doesn't give him $ anymore or cosign for him. Burn us once you don't get help again.

I am glad I actually told off Full Sail. They tried to recruit me and I told them I won't ever attend that school. I essentially called them a scam directly.

I used to collect on defaulted student loans. Saw grandparents social security checks being garnished because the grandkid didn't care enough to make a $5 monthly payment. They would tell their grandparents they were paying when they werent. So I would get the grandparent on the phone, 3 way the grandkid and tell the grandparent to be quiet, then bust out the grandkid and have them admit everything while the grandparent was listening on the other line. It cracks me up when Dave slanders collectors. Talk about a lack of accountability.

I just paid off my student loan. I’m waiting for the official letter telling me l owe them zippo!

People, do not co sign loans. The person asking you is not going to pay. Why do you think they need a co-signer?

never cosign for anything for anybody..if they cant do it alone they are not ready for whatever it is. when a lender says they want cosigner they are already assuming the person will default..already strike one.

Student loans are destroying this country.

As a single mother, I foolishly co-signed my son's college loans. He is making the bare minimum payment while putting them in deferment whenever possible. I am watching them grow larger instead of smaller. It's horrifying. I saw one Sallee Mae loan grow from 4K to 5K after a deferment. I used some of my savings to pay that off. I am retiring next year and have no way to pay off his other 4 private loans (a home equity loan, but that would hurt me in retirement). He and his wife both make very good money. My son told me years ago that he had no intention of paying off the loans. Just to keep paying the minimum and rotating deferment. He hasn't defaulted or stopped paying but I feel like this is my burden. I tried to be released as co-signer but Navient refused him. He must have too much debt otherwise. I never dreamed he would turn out to be such an irresponsible person.

How can a child not pay a loan for which a parent co-signed? That's like a slap in the face to the parent. My mom co-signed on my private loans and I'm upset because she's now tied to debt that I really didn't have to take out.

Never co -sign for anyone for any reason. You are putting your life in someone else's hands. Mother,father,sister,brother or child none of them are you, no matter how much you love them.

he went to full sail. that explains it. i've seen so many people get caught up in that school, rack up almost 100k in loans and not able to land a job because their potential employers would not look at a candidate with a degree from there. it sad but true. I live near that school and drive pass it almost everyday and i just feel bad for the students walking to and from class because most likely they will end up like this guy's son. lots of debt and no job prospect.

The son needs to definitely get a steady regular paying job and maybe even a second job. His self employment could be a nice side gig to make money. Also he should consider moving in with the dad, with the assumption that they get along for a year or two to save more money with a single housing cost between the both of them.

I've learned the lesson to never sign or loan any money to family. Ive loaned a few thousand and I never got it back. Never loan anything you can't afford to give away

When someone asks you to co-sign they are planning to stiff you with the bill. They may not even realize that they are, but they are. Don’t do it.

I live in Orlando and have only ever heard that Full Sail is a total scam, and an over-priced scam at that

His son was so very wrong. I know how he feels I didn't co sign loan for my nephew but paid a ticket he got that was 163 at time. The agreement was to give me twenty bucks every two weeks until it was paid. He never did and lie to his mom and other family members that he paid it back to me. Family can and will hurt you financially and I hope his son grows up and help pay that loan back.

Perfect reason why you NEVER co-sign for anybody!

I cosigned a loan and it was repossessed. I had no idea until I purchased my home and then had to pay a higher interest rate 🙃. That happened over 20 years ago. This family member came and asked me again a couple years ago. I refused.

i cosigned for my sister car loan once, thank god for my brother-in-law because my sister like debts. That happened in my early twenty, now 30 year old i refuse to cosign for any one including my mom.

how could anyone with any dignity at all put their own parents on the hook for their own debt? Basically destroys their family for life.

I hope the son sees the right path and breaks his back helping this man get out of debt

My parents co-signed for my federal loans. They've never had to hear anything from Nelnet as I'm taking care of it as it should be. 22k in 2017, currently down to 5k and should be done with it in October!

parents need to stop bailing out their kids problems...they will never learn how to fall and get up again.

My mother burned me, twice, never again.

Most of the time parents are just plain stupid. "As long as he/she is happy" is what matters. BS

Easiest Way To Save Money 1. Don't have kids. You're welcome! Have a nice day! PS: Wrap it, before you tap it.

full sail... my old enemy

I learn a lot from these videos. Even though I don't have kids, if I ever have kids, I would refuse to cosign and ask them to go to junior college instead.

I work in payroll department. We had a lady storm in, asking why we garnished some of her wages. I found the paperwork and showed it to her. Her reply.."that's what I get for helping out my daughter" she stormed out....

I signed a Sallie Mae Student Loan and it was the biggest mistake of my life... . There is an IRS form 1099-C which I believe can be issued to the borrower. This form means that you now have to pay taxes on the amount that is forgiven. I am not 100% sure of all of the facts but you should be aware of this possibility when a debt is totally or partially forgiven.

I'm 23. & this has taught me one thing: don't have kids.

When you co sign there is absolutely no benefit. You're only welcoming the consequences of the contract.

As a college students on a budget I've learned something. NEVER take out loans. Work part time jobs, save up, then pay. You're not gonna graduate on time but you won't be in debt either.

You co-sign, you pay. It is quite simple.

If they need a cosign, they can't afford it.

I imagine a co-signer didn't have to pay for the loan himself at least once in history, but I have never heard of it.

A friend of mine actually wanted to go to that same Full Sail university to study Photography. I said to him "okay, have fun being broke, jobless and in debt".

The lesson here is if you want to help someone with college just give them the money as a gift. In fact, gifts for education expenses are excluded from gift taxation if the funds are directly paid to the college but NEVER co-sign on student loans. Student loans are the worst debt out there and they are not dischargeable in bankruptcy unless you are a head on a plate or worm food.

My Mom co-signed a mortgage for a sibling. Mom passed away three years ago. OMG, what a nightmare!

Oh man I was really hoping for good advice on this my husband co signed for his little sister 18 years ago (before we met) now she is not paying and they are coming after us. We don’t have the money to pay it and she just doesn’t seem to care.

The other side of that coin: NEVER ASK PEOPLE TO COSIGN FOR YOU. We asked my parents to cosign a student loan, and though we haven't let it dump on them, we paid interest only on it for 10 years and its STILL haunting them today on their credit and it taints everything you do, you're judged or side eyed by your cosigner when you retile a bathroom or whatever expense they think should come after the loan. We feel awful about it and are going to clean it up asap, but it will never be anything but a serious SNAFU.

Smhl when people cosign, "agree to pay this bill back," then cry when it defaults.

I think he should either talk with his son and make him pay or else to get out of the house. He is a grown man and is trying to be self employed when he is in big debt. Not smart.

One of the biggest issues I'm hearing is his son's choice of school. Full Sail has awful student reviews and a terrible hiring rate

I have a stupid tax too, co-signed on a car for a friend who has bad credit and he is no longer my friend. Luckily he makes all of his payments to me but getting him to refi the car with another co signer is like pulling teeth and I just want to get away from him. Lesson learned I guess

I will never co-sign a loan after hearing this. Absolutely absurd

Half of your pension to your ex is way more expensive than $53,000

Never co-sign a loan. NEVER.

Found out not that long ago when setting up a DTE Energy account my dad attempted to get a loan with my SSN and on top of this he wanted me to break the least rules of my apartment and let him bum off my boyfriend and I (long story). He and I are not on speaking terms. The point of my story? Don't cosign with anyone that can't pay, don't trust anyone especially blood, and be careful who you are dealing with.

My policy clearly states that I will only co sign if your witnesses to the signing are your great great great great grand parents.

Co-signing is dumb 100% of the time.

Graduated from Philadelphia University (purchased by Thomas Jefferson and no longer PhilaU). Went from $64,000 in debt to $175,000 in debt with all the interest. Paying AES $1,000 every two weeks and cannot catch up.

I can imagine my dad never speaking to me again if I did this. I hope their relationship didn’t come to that point.

Full Sail University is the biggest scam. I requested information from their campus when I was deciding on a college back in 2009. BIG mistake. They called me every single day no matter how aggressively I told them I was no longer interested. They also kept me on their mailing list even though I opted out. I am SO thankful that I opted for a local college. I feel for the person who falls for their garbage. I'm actually shocked they haven't closed down.

DO NOT co sign for a child adult or a teen kid. It is only asking for trouble.

Tim after you stack the money, tell them you are willing to take it from your 401k to pay them, but you only have x money in it. Even though you have the money in your account.

I co-signed a student loan for my son and I had to monitor his schooling and after graduation made sure he got a job and paid off his loan. As he lived with me I made sure applied as much of his salary to pay off the loan after his expenses. Because of this he was able to payoff his loan in 18 months. Co-sign not a good thing, I took a risk but I had a good understanding with him about the risk of not paying off the loan. Through money management he is able to save he is able to save $11k a year.

Even i knew at 11th grade that animation didnt have a job market, and that was in 2014 when animation was popular on youtube.

Don't do parent plus (federal loan) !

This guy's son has absolutely no respect for him. In the middle 1990's at 26 years old I bought my first home of which I paid $95.000 for it on a $20,000 a year paid hourly salary. In no way was the bank going to give me a mortgage with that low of an income, so I asked my Dad if he would co sign the mortgage, in which he did. I got the mortgage after the underwriters crunched some more numbers that I will need to do overtime, so that's what I did. All the down payment (3%) and closing cost money was strictly what I had saved up over the years, zero money from my parent's, but just a signature from Dad. Overtime+++ is what I did at 60+ hours per week every week for many years. Then suddenly things started to slow down a little at work and I could feel the financial noose starting to tighten around my neck at mortgage time, but absolutely under no circumstances was I going to give up and put this burden on my parents so I could float on easy street. I started job searching and found another job out of state making much more money. New job out of state was too far away to live in that house. So now I'm making more money where I could refinance that house on my own to get my Dad off the mortgage, and I rented it out for two more years while my tenants paid my newly minted mortgage payment. Finally sold the house a couple of years later with not so much as a single penny from parents in terms of helping me out. The point here is under no circumstances was I purposely going to make this co signing a burden on my parents because I'm either selfish or just plain lazy or felt entitled. I had way too much respect and love for my parents to ever put them in a bad financial situation, so I was going to make it work no matter what. What I learned from all this? Never buy a house dependent on overtime, luckily it all worked out in the end.

Red flag: The mother didn't co-sign the loan for the son. The "kid" is 27 now and very likely was in his 20s when he needed the loan. There's nothing wrong with going to school later, but he should've had some money saved for school. Or at least mitigated the cost by doing a certificate program first or transferring community college credits.

Man i really hope this worked out for this guy.

Isn't that what co-signing is for? Isn't the assumption that you might have to pay it back if the other can't or doesn't?

I cosigned for my sister in 2016 on a $140,000 house. However, she put $32,000 down and the house was appraised at $156,000. I like to remind her every so often that if she dies I actually stand to profit. She's not amused...

When I was 21 my mom cosigned for $1800 so I could buy a new drum set. I had a job and I paid the loan on time. Thanks Mom!

It's sad when parents buy into the college scam. In this day, they really should know better. Having to co-sign the loan already sounds like a massive red flag. The kid can go to school for almost free when including all of the scholarships and going to an affordable college.

If you love your kid, sometimes you have to say no. College debt is something they need to pay for!

If you co-signed... well, that's part of what happens when you do that.

I co-signed for my son's friend to purchase a vehicle and hasn't made a payment since February. Now there is a write- off on the loan but the guy wants to resume paying. I will call the bank to find out if he's paying. If he still isn't paying, I will arrange for the bank to seize the vehicle so that they don't put a lien on my home

After working to help my son get into college this past year, it is appalling what college tuition costs.