HOBOKEN, N.J.–A majority of parents who cosigned on a private student loan say their credit scores have been negatively affected as a result.
That’s according to LendEDU, which has released the results of its second annual survey of parent cosigners. The survey of 850 parents who are currently acting as cosigners on their children’s private student loans found:
- 62.06% of parent cosigners stated their credit scores have been negatively impacted by cosigning on private student loans (compared to 56.80% last year)
- 40.31% of parent cosigners said cosigning has hurt their ability to qualify for a mortgage, auto loan, or other type of financing (compared to 34.40% last year)
- 46.93% of parent cosigners felt as if their children’s student debt is jeopardizing their retirement (compared to 51.20% last year)
- Despite all of this, 65.60% of parent cosigners would cosign for their children again and 63.24% did not regret making the decision to cosign
The full survey can be found here: https://lendedu.com/blog/student-loan-cosigner-survey-2018/