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Can a parent with bad credit co sign a college loan for there child?
Wiki User
∙ 9y ago
It is not likely that the lender will accept that parent as a co-signer.
Wiki User
∙ 7y ago
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Can a parent loan a college age child money?
Sure, a parent can own a child of any age money!
Can a parent be held responsible for a minor child's debt?
Yes a parent can be held responsible for a minor child's debt if the parent co-signs on a loan with the child. For credit cards, if the child is an authorized user on a parent's account the parent is also responsible for this debt.
A Parent Loan is an Affordable and Convenient Option to Pay for College?
For students who need additional educational funding beyond their own financial aid and scholarships, a parent loan may be an effective option. A parent loan is a loan taken out by the student's parent or guardian, for which the parent takes full financial responsibility. However, in many cases the student still pays the loan back. The parent takes responsibility in the event that the student does not pay for it. A parent loan offers students a new option for funding that is economical, convenient and allows the parents to help pay for the child's schooling. Parent loans are a great options for students that are having difficulty fully funding their college expenses. They are available with lower interest rates than private student loans and carry similar terms to federal student loans. By taking out a parent loan, parents can ensure that their children lock down the best loan terms possible, rather than having to resort to taking out a private student loan through a separate financial institution. Many people also enjoy the convenience of parent loans. As many students do not have extensive credit histories, they can have trouble getting approved for private loans. Other students with poor credit ratings find themselves in the same situation. The student's parent may have a much better chance of getting approved for the loan, which can help to fund college expenses. Typically parent loans also have less stringent credit requirements, so that even parents with bad credit can get approved for the loan. Finally, a parent loan also allows a parent to help his or her child pay for school. Though many students will ultimately pay back the balances of the parent loans themselves, some parents prefer to take care of the amount funded by the parent loan. This option allows parents who are financially stable to still help their children. A parent loan gives a student's parents the opportunity to pay for the child's schooling expenses, but at a later date. By assuming full responsibility for repayment of the loan, a parent can make a great contribution to his or her child's educational expenses.
If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
Can a parent plus loan be put in the student's name instead of the parent's?
A parent plus loan is exactally that. A loan for parents to help their children with college expenses and can only be given to parents under the parent's name. You also need to begin to repay that loan while your child is still in school, usually within 60 days.
Can you sue your child for your parent plus loan?
In general, no. Parents are responsible for repaying Parent PLUS loans, not the child. However, it's essential to consult with a legal professional to get specific advice based on your individual circumstances.
Does a parent's credit score affect student loan?
If the student loan is taken out in the name of the student then no. The student's credit score is separate from anyone else's. If the student loan is taken out in the name of the parent or with them as cosigner then yes - their credit scores would come into play.
Can your child get a student loan if you have bad credit?
NO
Can parent claim child and their student loan?
yes
How can you put your child on your mortgage?
You can't. A minor cannot sign a contract. Whatever you are contemplating you should never consider doing anything to damage your child's credit record. It will cause terrible consequences when she applies for a student loan for college or any other credit. It is also a crime to steal a minor child's identity for credit fraud.You can't. A minor cannot sign a contract. Whatever you are contemplating you should never consider doing anything to damage your child's credit record. It will cause terrible consequences when she applies for a student loan for college or any other credit. It is also a crime to steal a minor child's identity for credit fraud.You can't. A minor cannot sign a contract. Whatever you are contemplating you should never consider doing anything to damage your child's credit record. It will cause terrible consequences when she applies for a student loan for college or any other credit. It is also a crime to steal a minor child's identity for credit fraud.You can't. A minor cannot sign a contract. Whatever you are contemplating you should never consider doing anything to damage your child's credit record. It will cause terrible consequences when she applies for a student loan for college or any other credit. It is also a crime to steal a minor child's identity for credit fraud.
Can a child take a loan for a parent?
Yeah but will the child pay back? And will the parent allow to give their child a huge amount of money?
How do you Transfer a plus loan to child?
Parent didn't sign Masters Promissory note so it is technically not the parent's loan or responsibility right? Because of this, can a Direct PLUS loan get transferred to the child if a mistake was made in the loan process?
