My Mother Cosigned My Student Loan, But I Would Never Do That For My Kids
STOP paying for your kids' education
Good News
I paid off the student loan my mother cosigned before I paid off the student loan solely in my name, primarily because of the psychology behind it. I felt I owed my mom money on top of the government, and I didn’t like that (I was never one to enjoy owing people money).
Even though my mom never made me feel it was urgent to pay off the loan sooner rather than later, I created the urgency within myself. So, I paid off the student loan my mother cosigned to help me pay for school, and I was ecstatic about this payoff milestone.
I Would Never Cosign A Loan For My Kids' Education
Here’s the thing, though: I would never do this for my own kids; I would never cosign a student loan or any loan for my kids.
Maybe this seems selfish to some, but I don’t believe parents should pay for or fund their kids' education—ever.
And here’s why:
Kids should invest in their own education, whether by applying for scholarships and grants, working, or obtaining loans.
Their investment in their education will help ensure they don’t take their education for granted.
If they want to blow the opportunity, they at least blow it on their dime.
If they want to cherish the opportunity, they are more likely to value the experience 100 times more because they had to fund or creatively obtain funding for the whole ordeal.
I applied for scholarships and grants, obtained some loans, and worked my way through school. There was never a time when I wasn’t working.
Did I like school? It was okay. It wasn’t the worst experience, and I learned a lot. A lot was taken away from the experience, so I’m thankful I did it.
I always told myself, “You will finish school” and “You will get more than one degree while you’re at this game.” I didn’t want to waste the opportunity, my time, or my financial resources. If I’m there, I might as well make the most of it. So, the thought of quitting or sabotaging the opportunity in any way never crossed my mind. I wouldn’t take out a loan only to not reach my goal. What would the point of that be? Student loan debt is also one of the worst forms of debt after credit card and car loans.
On the other hand, I was surrounded by students who either quit, settled for poor grades, or relied on their parents' funding. I remember those who dropped out in the first semester and were enrolled on their parents’ dime.
Nothing is productive about enabling your kids financially; if anything, you’re creating a financially dependent adult. I still know people from college who cannot financially support themselves and rely on their parent's help.
One of the best gifts you can give your children is financial independence.
Thankfully, my parents didn’t pay for my school, and thankfully, they only cosigned one loan, which I paid back in full. I wouldn’t have it any other way because it forced me to evolve into a financially independent person who understands the value of money and where I invest my money.
School is not necessary in today’s world unless you need it for a specific vocation. If you’re going to school, don’t waste the opportunity or your financial resources. Furthermore, don’t rely on anyone to fund your way through school; create your own way.
Alternative View
Some kids have their parents pay for their school, cherish the opportunity, graduate, and live productive lives. Not all kids who have their educational opportunities funded by their parents end up as spoiled brats who ultimately sabotage their education.
I encourage parents to invest in their retirement funds instead of funding their kids' education. If you’re behind on retirement, you have no business funding your kid's education over your retirement—unless you’re doing both.
Thank you for reading. Cheers to you. | destinyh.com
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.