<p>We hear never cosign a loan? ever…your thoughts…</p>
<p>warrior1183, So you were doing a paid internship while at PSU? D wants to study science, do you know if there is alot of internships for that?</p>
<p>Actually, I started at that business the summer after my junior year, as an unpaid intern. When the summer ended, they hired me on part time, and I worked there part time until I graduated, and I also worked on a research project (paid) at the university. After I graduated, I continued working at that business, and when the research project finished, I started on full time. But the initial plan for a managerial position didn’t play out they way I expected it.</p>
<p>Anyway, there are plenty of research opportunities, some for credit, and some paid, on campus. The same goes for internships, however, the university won’t find one for you like some others schools will.</p>
<p>Also,</p>
<p>as far as cosigning a loan, I wouldn’t recommend it. If I remember correctly, it ties your credit history to the person you cosign for. So they can benefit from your credit, but if they tank theirs, it can hurt your credit history. That being said, most student loans shouldn’t need a cosigner, because there is the expectation the investment in education will result in the ability to repay the loan.</p>
<p>However, I didn’t mention this earlier, but I would exhaust my options of scholarships and grants first, because even declaring bankruptcy won’t absolve you of student loan obligations (this is scary, right!!!)…</p>
<p>Nitnat, I am no expert on financial aid, but there are a few over on that forum. I believe that if you have no need (as determined by the FAFSA) you D could take out an unsubsidized Stafford loan without a co-signer. The amounts are relatively small, maybe $3500 freshman year increasing to about $5K when she is an upperclassman. </p>
<p>Beyond that, whether or not you were willing to co-sign for an additional loan would depend on a lot of things-- your confidence in your D’s ability to pay back the loan (is she planning to major in philosophy or actuarial science?), your financial position and ability to take over the loan if she can’t make the payments, etc. It’s a personal decision.</p>
<p>I think you can get a basic education on college loans here–
[FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>http://www.finaid.org/)</p>
<p>thank you @1moremom & @warrior1183 ~ daughter was only offered $5,500 in stafford loans.
@Momwriter, thanks for the advice for jr.& sr. year</p>