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PAYING FOR COLLEGE
Many parents feel strongly that a college education is one of the most important opportunities their student can have. So if you’re wondering about whether or not to co-sign a student loan, it’s important to know the facts.
Saving for your retirement takes priority over helping your student pay for college, as does paying off any debt you may have. Here’s why. Your student is likely to have other options to pay for college, including scholarships, grants and federal student loans. Your ability to enjoy a financially secure retirement, however, depends on what you set aside, so don’t shortchange your retirement to pay for education. Your financial well-being comes first.
Don’t overlook what co-signing a student loan means for you. It’s a significant responsibility — one with long-term ramifications — including the following:
Should you choose to co-sign a loan for your student, make sure you have a clear understanding of your rights and responsibilities at the outset, so read and keep copies of all loan documents.