Going to College?

College is an exciting time; your child is becoming an adult. You want them succeed so you help co-sign their college loan applications.

One problem, you are now legally responsible for the loan should your child not be able to repay the debt.

Two of the most stressful hardships in life are 1) the loss of a child and 2) a huge debt burden. We cannot help with your loss, but we can help eliminate the financial stress caused by a debt.

The cost of college can range from $10,000 to $200,000 and is only going up. If you co-sign and cannot afford to pay college expenses for your children, you should consider purchasing life insurance on your children to cover college loans.

The good news, not all loans are the same.

• Federal loans do not typically need a co-signer and such there are no co-signers to be liable. If you can get a federal loan this would be a great option.

• Private loans are different and the majority of private college loans require a co-signer.

If you have a private loan, a simple way to protect the co-signer is to purchase a life insurance policy on the borrower. Depending on an amount of the policy, you can protect the co-signer for as little as $10-$30 a month.

If you are a student that wants to protect your parents with an unpaid student loan, get life insurance.

If you are a parent that wants to make sure you do not have to worry about paying off your child’s debts if the expected happens, get life insurance.

This is a no brainer that many people typically people do not think about, but it is important to consider as an option.

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