DEAR ABBY: I have plans to go to law school in the next two years. I have already taken the entrance exam, and will receive recommendations from two of my college professors. The problem is, my parents are refusing to co-sign for my law school loan.
Abby, I'm not asking for money; I'm just asking for someone to co-sign the loan for me. I plan to pay off the debt myself. I don't want to ask an extended family member for help, because even if they agree, I'd feel horrible if it prevented them from helping their own children with something.
My parents don't have a good enough excuse to not co-sign for me, and it surprises me that it doesn't embarrass them that I may have to ask another family member for help. What should I do, Abby? -- FUTURE LAW SCHOOL STUDENT
DEAR FUTURE LAW SCHOOL STUDENT: Your parents shouldn't have to meet your criteria for what is a "good enough" excuse for being reluctant to co-sign on a loan for you. It should be enough that they are uncomfortable with the prospect of doing it.
While your desire to pursue the field of law is admirable, have you researched what job opportunities are available to new law school graduates? Currently, according to the media, these jobs are not nearly as plentiful as they have been historically.
However, if you are determined to plunge ahead, I think you already know what you're going to have to do -- and that includes seeing if you can find another source of funding for your law school education.
My oldest son just graduated from Tech School. And, the only loan taken was his Stafford Loan. I am not going to do those Parent Plus loans. No thanks. He took out his Stafford and we paid the rest. Now, he and only he is responsible for those loans. For my younger son, the plan is the same. He can borrow under his name for Stafford and the rest we will pay. I don't want anything to do with anymore loans.
The LW doesn't seem to grasp the concept of a co-signer's responsibility. Yet, another entitled POS. And how considerate of the LW to not want to have to ask another family member since it could put them in a poor financial situation to help their own immediate family.
-- Edited by I know what to do_sometimes on Saturday 18th of June 2016 09:18:53 AM
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Well, didn't they discuss this at all? I mean, if the LW wanted to go to Law School was there any plan if and when the LW got into law school? Did the parents say all along, we are paying for undergrad but we won't pay beyond that? ANd, did the LW just ignore that?
Yeah, I re-fied my townhouse years ago and took enough out to pay them off. But that was at least 10 years after I graduated.
I re-fied mine as soon as I got out through the student loan programs. So they are still student loans, but amortized over 30 years like a mortgage. But my interest rate is about the same as my mortgage rate, and still tax deductible.
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LawyerLady
I can explain it to you, but I can't understand it for you.
Brother can see the end of his loans. He actually took 2 years off and paid off the loans he had and then went back and finished his Ph.d.
Caitlyn has about 6 months left on her loans to pay off.
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Yeah, I re-fied my townhouse years ago and took enough out to pay them off. But that was at least 10 years after I graduated.
I re-fied mine as soon as I got out through the student loan programs. So they are still student loans, but amortized over 30 years like a mortgage. But my interest rate is about the same as my mortgage rate, and still tax deductible.
Why does she need a co-signer? Student loans are pretty easy to get.
My dad is on my student loans, but for the opposite reason. They agreed to pay for four years of college (for both my sister and me) and decided to take out loans for mine. But if they added my name -as the student- they got a better rate and term than as solely parent loans.
My sister put off grad school until her company paid for it. And got loans for law school.
Can you get enough loans to pay for everything? For undergrad, my sons are only eligible for an amount per YEAR that doesn't even cover the cost of tuition for one semester at Penn State. So, we either pay the rest or borrow under Parent Plus loans.
Can you get enough loans to pay for everything? For undergrad, my sons are only eligible for an amount per YEAR that doesn't even cover the cost of tuition for one semester at Penn State. So, we either pay the rest or borrow under Parent Plus loans.
This was my thought too. The OP may not be able to take the loans out on her own. And I wonder if her parents are the type to be pressuring her to become a lawyer and yet are not helping her realize their dream. However, I firmly believe no one is obligated to go into debt for their children.
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I really thought that the Stafford loans were much more generous. As I said that doesn't even pay for one semester. So, you either would have to have money saved or your parents pay or you finance loans through your parents.
first of all she has to get accepted--second, the fact that HER OWN PARENTS don't want to sign with her speaks volumes--agree with the entitled POS description above
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I don't know if she is an "Entitled POS". I mean if she did the work to get into Law school, took the LSAT, applied and finished her undergrad she must a have a little something on the ball?
Can you get enough loans to pay for everything? For undergrad, my sons are only eligible for an amount per YEAR that doesn't even cover the cost of tuition for one semester at Penn State. So, we either pay the rest or borrow under Parent Plus loans.
It depends on each person's circumstances. There is a maximum per year, but not every kid qualifies for the maximum. Some people display more need than others based on income, etc. For law school, I was old enough to be independent and my mother's income didn't factor in. For undergrad, in addition to my scholarship, I got a grant, and only had to take loans for the shortfall, and I worked.
For law school - they do not want you to work the first year, so they will give you the max for the first year. I think my loan only came $2500 short of covering everything, and by everything, I mean tuition, rent, food, a car payment, books - they including living completely into the budget.
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LawyerLady
I can explain it to you, but I can't understand it for you.
I went to law school at night and worked full-time, so it was a little different. We did get the whole lecture about looking next to you, in front of you, behind you, only 1/3 of you will finish. And they were right. Our little class (those of us who started mid-term) started at 28 and finished at 6.
We did not co-sign for any loans for DSS. And will not for any future loans either. But he did walk away from college debt free since we made a deal to pay for his college. We also loaned him money when he last moved for security deposits and some other moving expenses. We gifted him his last payment (as well as a few others here and there) and his loan is completely paid off now.
And how considerate of the LW to not want to have to ask another family member since it could put them in a poor financial situation to help their own immediate family. 
