Many traditional students who use private education loans need cosigners to qualify or to receive better rates. Parents are often the natural choice to cosign. Some parents also consider taking loans out in their own names to help fund their children’s education. If you are thinking about either, we at ISL Education Lending encourage you to remember these six points.
1. Loans are a financial, not emotional, decision.
As a parent, you want to see your student attend the institution of their choice, regardless of cost. But, education loans are a financial commitment that could affect your and your student’s credit for years to come.
2. The total repayment amount will be more than the original loan amount.
In addition to any origination, late or other loan fees, the