My dad doesn't want to cosign a student loan for me...why not?

[Cofo]

Why does my dad not want to cosign a loan for me? Is it really that big of a deal to cosign for your son who wants to go to college? Is he being an *******? Is he ignorant of what cosiging means, or am I? If he cosigns a loan for me, will the bank's loan officer ask for collateral? And...can I defer loan payments until I graduate from medical school? I am thinking about taking out student loans...I have 2.5 years left of undergrad. My dad told me that he wants me to pay for my college and living expenses when I transfer to a different university. I will be about 50k in debt if I did that....tuition will be about $3500-$4000 per semester, and it will cost me about $945 a month to live. So...is this normal for most undergrads? And what will be the negatives for my dad IF he cosigns? Please help me.......🙁

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[Depakote]

Aside from the loan going to him if you default, which I'm assuming wont happen... I believe cosigning on a loan puts it on your credit report.

I don't pretend to know how your credit score is calculated perfectly but if you're spread across many different loans I believe it goes down. (probably only slightly)

Still, this should be pretty minor. I would think most parents would co-sign on their child's student loan. It's not like you're asking him to pay it off.

 

[Nikki2002]

is there anyone else that can cosign? maybe grandparents?

 

[Cofo]

My parents have a good credit score. However, my dad says he doesn't want to co-sign for me. I don't understand why he won't co-sign. (Although I have a suspicion that he has disliked me for many years. He's threatened me about 8 times to kick me out of the house since I was 16 years old. Yeah...he's one of "those" ..."father's") What can I do to ease his mind about co-signing for me?

 

[Cofo]

I've thought about asking my grandparents to cosign for me. LOL...my granddad is the vice president of a huge bank here in town. But...I don't know if my grandparents would co-sign. They live 30 seconds from my house, and my dad would tell them NOT to co-sign for me, if he found out I asked them to. !@#$%^& ....should I just ask them anyway?

 

[HumidBeing]

It could be that he thinks you're making a bad decision throwing away a free education with room and board to take on 50K in debt (that you called 28K worth of debt in another thread). You're the one who doesn't want to work while in school.

He would be responsible for that debt if you didn't pay. He may not feel secure in taking that risk for something that he doesn't feel is necessary.

 

[scg]

You sound like an entitled whiner.

And no, it's not unheard of for parents to expect their children to pay for their own college education.

 

[HolyGrail]

My parents didn't cosign on a loan with me. Also, I had to go to a CC for 2.5 years before I saved up enough money to get where I needed to go, I also worked 35 hours a week at a lumber store while I was there, and still work a lot.

Work hard, do what you can, ask the bank what needs to be done for you to be able to qualify, make a budget, see what the possibilities are.

 

[Nikki2002]

i misunderstood the original post, apparantly. OP--are you are giving up a full ride to go somewhere else and put yourself in 50K of debt?

 

[Vido]

maybe he is doing that so that you won't leave in the first place??! 😎

 

[WannaBePreMed]

Maybe he doesn't like you 😉

But seriously I think he just doesn't agree with you going. A lot of people's parents do this, they don't support you in things they don't want you to do (that's bad parenting by the way, since the kids are going to do it anyway).

Why does my dad not want to cosign a loan for me? Is it really that big of a deal to cosign for your son who wants to go to college? Is he being an *******? Is he ignorant of what cosiging means, or am I? If he cosigns a loan for me, will the bank's loan officer ask for collateral? And...can I defer loan payments until I graduate from medical school? I am thinking about taking out student loans...I have 2.5 years left of undergrad. My dad told me that he wants me to pay for my college and living expenses when I transfer to a different university. I will be about 50k in debt if I did that....tuition will be about $3500-$4000 per semester, and it will cost me about $945 a month to live. So...is this normal for most undergrads? And what will be the negatives for my dad IF he cosigns? Please help me.......🙁

 

[FlowLimited]

i misunderstood the original post, apparantly. OP--are you are giving up a full ride to go somewhere else and put yourself in 50K of debt?

You don't have the full story because this is the OP's second thread on the matter. In the other one, he's mentioned that he's currently attending a university where there are no majors that he likes but he has free room/board because he lives at home. He wants to transfer to a school (which would give him debt) where he can major in something he likes.

This thread really should be combined with the other one.

 

[FlowLimited]

Maybe he doesn't like you 😉

Could be...

(Although I have a suspicion that he has disliked me for many years. He's threatened me about 8 times to kick me out of the house since I was 16 years old. Yeah...he's one of "those" ..."father's")

 

[Nikki2002]

there are no majors you like? what about majoring in biology? i'm not saying that you automatically have to major in bio b/c you are pre-med but..why not?

 

[GreenShirt]

Have you applied for Federal Financial Aid (You need to fill out a FAFSA to apply)? You don't need a co-signer for federal student loans. You only need them for private bank loans. However, you will need your dad's tax information to fill one out, so you're going to need his compliance. I can't imagine a college that has absolutely nothing in which you would want to major. Unless there's some other reason you need to attend another college (ie can't stand living with your father), I'd figure out something that was close enough, get done as soon as possible and move on.

 

[efitzpat]

It isn't the end of the world. Ultimately you'll end up with a higher interest rate, which, if you stay on the pre-med track and become a doctor, isn't going to matter when you are 100k in debt due to med school.

If you have a free ride, giving it up isn't wise.

Oh, and in regards to paying for school, my dad told me to "take care of it." Mind you, this is after he said he would pay, then stopped paying without telling me and my account was put on hold. Nice.

 

[FlowLimited]

there are no majors you like? what about majoring in biology? i'm not saying that you automatically have to major in bio b/c you are pre-med but..why not?

The OP supposedly wants to save bio for med school. Not unlike leaving sex for marriage, I assume.

 

[GreenShirt]

the op supposedly wants to save bio for med school.

lol.

 

[airplanes]

Why does my dad not want to cosign a loan for me?

maybe you should just ask him and save us some time.

 

[Bacchus]

Cosigning on a loan is a huge monetary committment. My parents signed for me because they have an excellent credit score and they have faith I will pay my student loans back. I'm indebted (no pun intended) to them for signing on almost 50,000 dollar worth of debt that I could have signed up for own my own. I really think they did it because they don't have any other form of debt besides the mortgage which is almost paid in full. But, like Tired said, if your dad wants to make a large investment in the soon-coming years, 50,000 worth of debt on his credit report is not something he would want to have around. It sucks, but get an extra job or sign for yourself. When you get to med school you'll have to anyway on your 40,000 worth of stafford loans a year.

 

[Auron]

To get a loan for medical school, do I need my parents to cosign? Or can I obtain a loan, but simply pay at a higher interest rate?

 

[ACSurgeon]

To get a loan for medical school, do I need my parents to cosign? Or can I obtain a loan, but simply pay at a higher interest rate?

Unless you have bad credit (note BAD credit as in defaulting on a loan or not making payments on time...etc, NOT lack of credit), you will NOT need a cosigner. Once you are in med school you are considered independent of your parents, and you will get the same interest rate on your student loans that everybody else gets.

 

[bonvoyage]

if my parents refused to pay for my college and living expenses, i would not go to college. i might enlist in the army. or perhaps apply to naval academy out of high school. etc. and i would never return any phone calls or anything from such "parents".

 

[jtimmer1]

To get a loan for medical school, do I need my parents to cosign? Or can I obtain a loan, but simply pay at a higher interest rate?

Usually, banks have no problem issuing substantial loans to medical students because the failure rate in medical school is very low. Once you have completed medical school, and the years of training that ensue, you will most defiantly have the means to pay back these loans. The banks become confident in this and cut you a loan with no co-signers.

 

[GoawayAvalon]

if my parents refused to pay for my college and living expenses, i would not go to college. i might enlist in the army. or perhaps apply to naval academy out of high school. etc. and i would never return any phone calls or anything from such "parents".

OUCH! Maybe you were brought up knowing that your parents would pay your way, but a lot of people definitely were not.

Not only did my mom make me pay for all of my school, she also MADE me (by blackmailing me) stay in a dorm, which was an extra $3,000 a semester, instead of staying with my boyfriend for half the cost. I had to take out an extra loan just to pay for that, and she nor my dad would cosign my loan. My mom didn't have good credit, but my dad's excuse was that he didn't trust me to pay it back, and I could have avoided the loan by going to a college closer to him. My grandparents were nice enough to sign it for me.

 

[Feli]

Maybe he doesn't think you'll pay it back. Maybe he doesn't have faith in your ability to get a well-paying job after college. Maybe he is planning to buy a home or other expensive investment in the next few years and doesn't want that on his credit record.

Regardless, you're supposed to be an adult. If he doesn't want to cosign, suck it up and move along. Find a cheaper school, get a part-time job, do something else.

Exactly.

Your dad spent a lot of time and money raising you, and you are now an adult. Yes, he could co-sign, but he's a smart guy and there is probably something he sees in you (immaturity, laziness, etc) that makes a big loan a risk he won't take right now. It's his money, and his life.

Once again, you are an adult now. Grow up, go to school part time (CC?) or just work until you are 24yo or have been living on your own for 2yrs. At that point, your parents' income is not considered for your FAFSA, so you will be able to take out all the loans you want...

GL

 

[Ennis]

Why does my dad not want to cosign a loan for me? Is it really that big of a deal to cosign for your son who wants to go to college? Is he being an *******? Is he ignorant of what cosiging means, or am I? If he cosigns a loan for me, will the bank's loan officer ask for collateral? And...can I defer loan payments until I graduate from medical school? I am thinking about taking out student loans...I have 2.5 years left of undergrad. My dad told me that he wants me to pay for my college and living expenses when I transfer to a different university. I will be about 50k in debt if I did that....tuition will be about $3500-$4000 per semester, and it will cost me about $945 a month to live. So...is this normal for most undergrads? And what will be the negatives for my dad IF he cosigns? Please help me.......🙁

First step, you hire Luca Brasi...

 

[calnation]

What's with parents not helping for their kids' educations? Even if they don't like their kids it sounds really jerk-ish to me. I mean, come on, 18 years old is an arbitrary point to assume your children are no longer children.

OP, it sounds to me like your dad doesn't like the idea of you going to that other school. Still, it's just a co-sign. As long as you have good grades he should co-sign.

I would try and see if he would at least pay what he was paying at the state school. Otherwise, go for your grandparents, at least they'll still have some morality to do what's right.

 

[sunny1]

What's with parents not helping for their kids' educations? Even if they don't like their kids it sounds really jerk-ish to me. I mean, come on, 18 years old is an arbitrary point to assume your children are no longer children.

OP, it sounds to me like your dad doesn't like the idea of you going to that other school. Still, it's just a co-sign. As long as you have good grades he should co-sign.

I would try and see if he would at least pay what he was paying at the state school. Otherwise, go for your grandparents, at least they'll still have some morality to do what's right.

This is simply an issue where parents differ in their opinions. My husband believes in completely paying for our children's college educations if possible. I am wholeheartedly against that, though I don't mind paying for some of it and obviously assisting with living expenses within reason.

Educational loans are a fact of life for many people. I am of the opinion that if you have to pay for something (now or later), you will appreciate it more and make better decisions (i.e., whether to attend a private or public school, taking your education more seriously, etc.). I clearly don't want my child to be drowning in debt once they graduate, but to avoid that I hope to assist them in making good financial choices along the way.

Keep in mind we are only hearing OP's side of the story. Perhaps father has significant concerns about student's ability to pay back the loans in the future. I'm not even sure why the student would need a cosigner...are you taking out excessively large amounts of loans? Do you have a bad credit rating?

After working hard to establish excellent credit over however many years, I too would be hesitant to risk it by cosigning a loan that I didn't feel was necessary. If you don't pay it back for some reason or are late with payments, that will reflect on your dad's credit score I believe. But I agree with calnation in that you can ask him about supporting you the same amount financially and/or asking the grandparents.

 

[Auron]

Unless you have bad credit (note BAD credit as in defaulting on a loan or not making payments on time...etc, NOT lack of credit), you will NOT need a cosigner. Once you are in med school you are considered independent of your parents, and you will get the same interest rate on your student loans that everybody else gets.

My dad has an near perfect credit rating. It's probably better then mine simply because he's taken out a couple of loans over his lifetime and paid them all off, I guess in the banks eyes he's more "dependable" simply because of his history. I'm still building up my credit history, so would this mean I would get a lower rate if he took the loan or cosigned?

 

[Joannavr]

there is probably something he sees in you (immaturity, laziness, etc) that makes a big loan a risk he won't take right now.

Agreed. No one sees this in themselves. You are so sure that any loan amount is fine and the money doesn't matter because you can defer the payments. But what if you don't get into medical school? Does he have any reason to believe that you may change your mind in 2 years? Are your grades stellar, do you have a history of starting things and not finishing, or have you had bills of your own that you haven't paid? I think there's a lot here that you're not telling us.

Of course it could be as simple as someone else said. He doesn't support your plan to give up a free education and incur debt and since you wont listen to his opinion, he isn't going to enable you to go against him. Honestly, he doesn't have to. There is no law saying parents have to pay for their childrens college, they choose to or choose not to. Give him a reaason to WANT to do it and stop feeling so entitled.

 

[Joannavr]

Why does my dad not want to cosign a loan for me?

Okay I am bored at work, so I did a little research. I am going to back up my last post with your own words. Man you are all over the place on what you want to do with your life and I am sure that your dad doesn't have any faith that you're prepared to choose one path and stick to it. He's not going to put himself on the line when you're soooo finicky. To back up my post, here are some of your recent comments, in your own words:


"If my major was political science or general business, would that look bad to an adcom? "

"I tried taking chemistry1 last summer...I dropped because it because my university's chemistry and math departments are WEEDOUT classes."

"I thought I was a hotshot at chemistry, so a year ago, I took Gchem1 in the summer time...I dropped it. Last fall, I took Gchem1 again, and I didn't study for it because it would never click in my brain....so, the teacher gave me an F"

"I was sharing my possible future decision of going the military route..."

"I am a sophomore in college. At the end of this semester, I will have 54 hours. I am concerned, because I know that I want to become a doctor. However...I don't know if I want to become a Medical... "

"I am an Anthropology major, but I want to do to dental school."

"I want to learn something else, so I'm thinking about majoring in Anthropology/minor philosophy."


How many times have you changed majors and decided you wanted to do something else? What if you sunk 10k of your dads money into your business major then realized you had to be a densist...then an MD...then an Anthropologist with a minor in Philosophy....or may you'll just join the military. Come on man, get it together!