The Moneyist: ‘She’s currently waiting tables on nights and weekends’: My sister asked me to cosign her $11,000 student loan. Do I say yes?

by | Jul 19, 2023 | Stock Market

Dear Quentin,  I’m in my early 40s, out of debt and my credit score is finally excellent. So is it a terrible idea to cosign my little sister’s student loan?  Still in her early 30s, she’s following in our late mother’s footsteps to become a nurse. She recently started a well-respected, 14-month accelerated nursing program in New York, and should graduate at the end of next summer. 

She received some funds from the Free Application for Federal Student Aid (FAFSA), but it’s being dispersed across the next few semesters, and won’t be enough to meet her next tuition bill this September. She can’t get any federal grants, turns out, because this isn’t her first degree. So she needs an $11,000 private loan. We were both caregivers for our mother while she was in the late stages of lung cancer. One silver lining of this gutting experience was that my sister found her calling as a nurse. My sister was in her 20s at the time, and she was incredible with mom, who passed away several years ago. Plus, nursing runs in the family; our mom was a nurse, and we have several cousins and aunts who are nurses.

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