Though I am incredibly grateful for the gift my aunt gave me, I'll never be a cosigner myself. Here's why
We were lucky that we had an underlying respect and solid relationship that wasn’t ruined by intertwining our finances. My aunt knew I had always meticulously made payments on time. She understood that, as I bluntly put it, I wanted her off the loan just as badly as she wanted to be off. I knew that my choices were affecting her finances.
Despite that, there was still a lot of strife, and I saw clearly how a cosigning relationship can quickly go sour.When my aunt first requested to get off the loan, I called my lender. Since I had never made a late payment in 10 years, I figured it would be no problem to remove the cosigner. However, years before, I hadtemporarily after my husband lost his job while I was pregnant. That disqualified me from ever having my cosigner removed — something the lender didn’t tell me at the time.
In hindsight, I should have spoken with my aunt about making the decision to defer payments for a few months. Unfortunately, I had no idea that deferment would have a long-term impact. If I were ever to consider cosigning for some reason in the future, I would ensure that the primary borrower and I have an open dialogue about every decision with the loan, no matter how small it may seem.
I would have been devastated at 18 if I couldn’t secure a loan for college. However, at 31, I truly believe I may have been better off in the long term without that loan. has been affecting my financial decisions and family relationships for more than a decade. I wouldn’t wish that on anyone else, and I certainly won’t be part of making that happen.
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