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My brother? or my credit?

D

Doboji

Diamond Member
So my brother finds himself ~$8,000 short of his college tuition for what should be his final year in school. He can however get the additional 8K IF I cosign the loan for him. There are no other family members with the credit, and income capable of signing for the loan. I'm his only option.

My situation: After finally getting out of school a year ago, having found a good job, I am starting, at last, to get my financials under control. I'm even looking to purchase a home in the next couple years.

My brother: Is extraordinarily irresponsible, he has squandered 100K+ in loans, took several study abroad programs where he didnt study anything other than the female anatomy... and finds himself now at the age of 23, 29 credits shy of graduation. Knowing my brother's personality, if he drops out of school now... the chances of him going back, or putting in the hard work success without a degree entails... are very very slim. More likely he will be dependant on us(family) from then on.
It is also extremely likely that he will drag his feet on paying this loan, which means, I will probably have to pay on it, to prevent damage to my credit for a few years to come.

What d y'all think?, and does anyone know anything about what cosigning means to my credit both now, and in the long term.

-Max
 
can you afford to pay the $8k when he refuses or is unable to? if not, are you ok with ruined credit after the 8k goes through collection?
 
Originally posted by: Yossarian
can you afford to pay the $8k when he refuses or is unable to? if not, are you ok with ruined credit after the 8k goes through collection?
Click to expand...

exactly!
Never LEND money that you cannot afford to GIVE away.

🙂
 
Is your brother willing to get a job to help make the payments? Does he have a degree where he will get a job? Does he have the ambition to get a job, or goto one given the opportunity?

I know a lot of guys in school that sound like your bro....they're not related to me so i'd never give them money because they can't even find enough to pay back for a $20 loan....can he pay tuition on 1 semester? see how he does then get the rest of the $4000?

sorry for so many questions hope they help
 
See if you can cosign under some terms of a couple of years..... My point, if you can cosign and hold responsibility long enough that he can actually get the loan, you might be able to have your responsibility drop off the loan before he's even out of school.

I would just hate to see him not go to school because of a lack of cash. See what options are available with the lender.
 
Originally posted by: Atomicus
Does he show the slightest intent to do better if he does go back?
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Yeah I think there's a good chance he'll do well enough to finally get done... Although it is also very likely that he'll "almost" get there... I.E. end up with like 3 credits left from a course he flunked/dropped.
At that point though, he'll be on his own.

can you afford to pay the $8k when he refuses or is unable to? if not, are you ok with ruined credit after the 8k goes through collection?
Click to expand...

I can afford to make payments on the 8K... I wouldn't let it default... but that would set back my ability to save towards a home.
 
I think you should be a hard-ass and tell him to get the money together himself. If he had shown himself to be responsible in the past, then I would call it an acceptable risk. Otherwise, I think you're in for a good reaming all around based on what you posted about his past track record.

Case in point: My mom made the mistake of co-signing for my brother on a car loan years ago. My dumbass brother proceeded to get fired from his job, allowed his friend to drive the car and promptly wreck it, then basically sat around with his thumb up his ass while my parents and his friend's mother did all the legwork on getting the whole mess resolved. They nearly got their credit shafted for 7 years because of his irresponsibility.

I'm not saying your brother would do exactly this, but he certainly doesn't sound like someone I'd want to lend money to either. You know him and we don't, so it's your call in the end, but that's just my opinion based on what you said about him in the original post.
 
Originally posted by: Mellman
Is your brother willing to get a job to help make the payments? Does he have a degree where he will get a job? Does he have the ambition to get a job, or goto one given the opportunity?

I know a lot of guys in school that sound like your bro....they're not related to me so i'd never give them money because they can't even find enough to pay back for a $20 loan....can he pay tuition on 1 semester? see how he does then get the rest of the $4000?

sorry for so many questions hope they help
Click to expand...

Not likely... his degree will be in Poli Sci... which with his lack of college ambition (no internships, etc.) means it'll probably be 4-5 years before he makes anything worth talking about.

However he should be able to consolidate his loans after graduation.... which may take my name off the bill??😕

See if you can cosign under some terms of a couple of years..... My point, if you can cosign and hold responsibility long enough that he can actually get the loan, you might be able to have your responsibility drop off the loan before he's even out of school.

I would just hate to see him not go to school because of a lack of cash. See what options are available with the lender.
Click to expand...

Hrmmm good point... I'm going to meet with the counselor probably tommorow... So I'll definitly ask about limiting the terms of my co-signature.

-Max
 
Never get mixed up with anyone financially that you're not married to. NEVER COSIGN A LOAN. Why would you bail out your brother who has repeatedly shown himself to be irresponsible and immature? He needs to learn the hard way that he has to work for what he wants. Why would you enable him any longer? He's only going to be dependant on you if *you* let him. Nobody can take advantage of you unless you give them permission. He's 23 years old. Time to kick him out of the nest and let him fly or crash. You're not responsible for him. Your parents aren't responsible for him.
 
If you are willing to cosign for a loan, just consider it a gift and give him the $8000 in cash. If he makes payments to you, great, if not, whatever.
 
If you are willing to cosign for a loan, just consider it a gift and give him the $8000 in cash. If he makes payments to you, great, if not, whatever.
Click to expand...

This is for a COSIGN - not a loan. You will only have to pay the loan if he defaults.

I would sign the loan, after a long talk with your brother about his past and that HE WILL PAY THE LOAN ON TIME.

If he decides to be a dumbass and not repay the loan - sue him in small claims court. Make it very clear that he is now dead to you. You've done your best as a brother, he is now someone else...
 
Based on his history, I'd probably tell him to take a semester off and earn and save some money to show he can be more than a self-indulgent, lazy and irresponsible child.

Maybe he'll grow up a little if he has to take responsibility for a change. You might not be doing him a favor to "enable" him continuing with his current lifestyle.

PS - he had his chance to be treated as a full adult, and he threw it away. You're obviously a lot more mature than he is, so don't fool yourself into thinking he'll be as responsible as you would be.
 
Originally posted by: Siva
family > all

You take care each other, that's how it goes.
Click to expand...
But would you give a sibling $1,000 of your house down payment money to buy drugs, or go to Disneyland?

This isn't money for an operation, or food, or to buy a home. It's money the brother may waste on partying in college while not finishing his degree.
 
8K isn't that bad if you can affford it. This is his one shot at getting a decent job and he is your brother.

If he does end up 3 credits shy it won't be that bad. cost something like $1K depending on where he goes to school. He could make that at a part time job over the summer.

What is your brother doing this summer anyway? He should be working at a summer job to make a few bucks.


If he were a cousin I'd tell him "Sorry all my money is tied up and if you default I'd be screwed" or "Sorry I can't help. I'm living paycheck to paycheck on hookers and beer."
 
Its tough to not help out a brother or sister. Just make sure the money toward school, and not other activities.
 
Originally posted by: Doboji
So my brother finds himself ~$8,000 short of his college tuition for what should be his final year in school. He can however get the additional 8K IF I cosign the loan for him. There are no other family members with the credit, and income capable of signing for the loan. I'm his only option.

My situation: After finally getting out of school a year ago, having found a good job, I am starting, at last, to get my financials under control. I'm even looking to purchase a home in the next couple years.

My brother: Is extraordinarily irresponsible, he has squandered 100K+ in loans, took several study abroad programs where he didnt study anything other than the female anatomy... and finds himself now at the age of 23, 29 credits shy of graduation. Knowing my brother's personality, if he drops out of school now... the chances of him going back, or putting in the hard work success without a degree entails... are very very slim. More likely he will be dependant on us(family) from then on.
It is also extremely likely that he will drag his feet on paying this loan, which means, I will probably have to pay on it, to prevent damage to my credit for a few years to come.

What d y'all think?, and does anyone know anything about what cosigning means to my credit both now, and in the long term.

-Max
Click to expand...


i would say that if he is as irresponseable as you make him out to be I would not cosign for him. he probably would default on the loan screwing you in the process. now dont you wish your parents had beat him as a child so you wouldnt have this problem.
 
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