Co-Signing a Student Loan? Protect Yourself!

Congratulations! Your little bundle of joy has navigated all the trials and tribulations of adolescence and has graduated from high school. Now it's time for the next step - college!  But tuition is expensive and it's  impossible for most of us to set aside enough money to pay for these expenses without the help of a Student Loan. As a parent or guardian, you'll probably be asked to co-sign for a student loan but do you understand the consequences of being a co-signer?

Many of us don't understand the ramifications of co-signing a student loan and how easily we can protect ourselves financially with just a little more knowledge and understanding of the process.  If a tragedy occurs resulting in the death of your child, you'll be financially responsible to repay any loan you co-sign. That's what being a co-signer means - you're assuming responsibility for the repayment of that debt in the event the student defaults on making their payments.  A life insurance policy, for the amount of the student loan, provides the money needed to repay that student loan debt. In addition, increasing the policy value a little more to include the cost of funeral services and/or your own basic living expenses during your period of mourning, provides an additional layer of financial protection and stress relief. This is such an  inexpensive way to protect your assets as you plan for your own future, and should tragedy occur, you won't have the additional emotional or financial burden of Student Loan debt to deal with if your world is turned upside down with grief.

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