Frotman said older consumers need to be better informed about their fiscal responsibility when they cosign student loans. “Quite often we hear from older borrowers that it was never made clear to them that they were essentially co-borrowers,’’ he said. “Many thought they were merely acting as references.”
The whole college funding set-up needs fixing.
Until very recently, I wasn’t aware that with college loans, parents and their children can borrow as much as they like. There’s no need to demonstrate an ability to repay. If you’re a housekeeper who wants to spend $50 to $60K a year to send your child to Syracuse, no problem.
The sky’s the limit.