Should You Cosign to Help Your Kids Refinance Their Student Loans?
Refinancing student loans can be a good option for those with private education debt. By securing a refinance loan, borrowers can sometimes reduce their rate and total borrowing costs, and may be able to get other, more favorable new loan terms as well.
Unfortunately, to qualify for a student loan refinance, most private lenders require good credit and solid proof of income. And some younger borrowers who have just earned their degree may not have that. Lenders do allow cosigners, though, which could have some parents wondering if they should cosign for their kids.
Before you put your name on a student loan refinance application, you must think through the pros and cons to determine if it's the best course of action.
Source Fool.com
