<p>If you’re looking for your son to take out a loan without you having to cosign for it, you’re not going to have a lot, if any, options. Since cosigning is legally obligating yourself to pay a loan, there is not a lot of difference between you taking out a loan and having your son cosign it. </p>
<p>One of the first things that financial planners say is to not borrow against your retirement. While it might cost more in the short run to take out loans, loans are likely a better option.</p>
<p>Depending on your credit score and how soon you might need another loan, consider putting the amount on a low-interest, fixed rate credit card. As unsecured debt, it can be discharged during bankruptcy should that ever become an issue. Having lost of unsecured debt will likely affect your credit score, but if you can get approved for a large enough amount, you’re only applying once.</p>
<p>A lot of the 3.5% interest rate loans are either variable rate loans or are tied to a home or automobile. Before student loans became fixed-rate loans, people were able to consolidate their variable rate student loans into very low fixed rate loans (think 1-2% interest rate with 20 year payments), but that is not an option for current students.</p>