I Co-Signed My Son's Student Loans, Should I Still Pay Them Off?

I Co-Signed My Son's Student Loans, Should I Still Pay Them Off?
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3hc6Pgt
Visit the Dave Ramsey store today for resources to help you take control of your money! goo.gl/gEv6Tj
The new Borrowed Future uncovers the dark side of the student loan industry and exposes how the system is built to work against you.
Watch Now: bit.ly/3j9FOLl
Did you miss the latest Ramsey Show episode? Don’t worry-we’ve got you covered! Get all the highlights you missed plus some of the best moments from the show. Watch debt-free screams, Dave Rants, guest interviews, and more!
Want to watch FULL episodes of The Ramsey Show? Make sure to go to The Ramsey Show (Full Episodes) at: www.youtube.co...
Check out the show at 4pm EST Monday-Friday or anytime on demand. Dave Ramsey and his co-hosts talking about money, careers, relationships, and how they impact your life. Tune in to The Ramsey Show and experience one of the most popular talk radio shows in the country!
Ramsey Network (Subscribe Now!)
• The Ramsey Show (Highlights):
www.youtube.co...
• The Ramsey Show (Full Episodes): www.youtube.co...
• The Dr. John Delony Show: www.youtube.co...
• The Rachel Cruze Show: www.youtube.co...
• The Ken Coleman Show: www.youtube.co...
• EntreLeadership: www.youtube.co...

[@nkyryry]

I work at FedEx… High school diploma… not a single penny of debt.

[@Noahdepasacreta]

I work for myself, paid cash for college, not a single penny of debt,

[@mph5896]

I went to 13th/14th grade (community college). Paid cash. Work paid for bachelors along with some cash on my end. Owe nothing

[@krogdog]

@FoTo Realistic - Do you also get a pension, or just a 401k?

[@dmbgator86]

HS diploma.... robbed a bank... paid for college in cash... good job afterwards.... debt free.

[@chriskramp5174]

@@dmbgator86 lol. You goofball!

[@seventhchild7270]

I DON'T cosign for ANYONE on anything!...I will CONTINUE to live a debt free, simple, spirtual, healthy, downsized life!....WE do better, when WE know better!

[@nathanbohannon-smith2913]

Okay...

[@Dr_ViClAle]

OKAY, thank YOU for THE adVICE

[@phillipsouthard8285]

GOOD for YOU. Who CARES.

[@AdrianO.]

are you ok?

[@mercedeswilkins5566]

Yes

[@Patriots4Ken]

My mother co-signed my student loan, but it is my responsibility to pay it back. I had it refinanced just into my name. This was many years ago. I was on the right track for a time paying cash as I went, now onboard with Ramsay, I would not take out a loan again. Fortunately, my son is onboard too. He served in the Navy and is much more mature now and has the GI Edu Bill to go back to school.

[@seventhchild7270]

MsFreedomWatcher....I'm a big listener to Dave Ramsey also...

[@9770G]

I mean even if her son worked and made money, does he still have to pay the loan off himself or could he still not pay it and make his mom pay it off even though he is working?

[@KS-cl8br]

She should pay the 19k parent plus. He should pay the 38k loan. Pay what you owe.

[@linuxsurfer2002]

"Should", yes, but Dave is right, she might get stuck with the 38k

[@alinatamashevich3354]

@@linuxsurfer2002 When he meets a young woman, he will "forget" all about that loan.

[@9770G]

I mean even if her son worked and made money, does he still have to pay the loan off himself or could he still not pay it and make his mom pay it off even though he is working?

[@mercedeswilkins5566]

When you co-sign you’re agreeing to pay in full

[@livetosmileandlaugh5368]

My mom co-signed on a loan with me. It was the first loan I paid off, only myself. I'm very thankful she trusted me.

[@xfhnhhgjbvcfg]

She never mentioned the house, I'm curious if she doesn't consider that debt

[@kamsta10]

I co-signed my cousin back in 2014 for her sallie mae student loan. This was before i knew Dave Ramsey. Gifted her the total money makeover book and she paid the loan off Dec 2021.. So amazing!

[@MichaelSamulak]

Probably the scariest part about this call is how common this situation is… with all of this debt just being a weight to people and their ability to live and thrive; too many Americans just think it is normal to borrow money for anything and everything…. Delayed gratification is not even considered as an option and so falls upon deaf ears with most. My favorite saying of Dave’s, which highlights this principe so perfectly, is, “live like no one else, so you can LIVE and give like no one else.” Best to all in the New Year!

[@missdesireindependance5194]

This is why parents should consider community colleges for their children.

[@denisilyayev1878]

Spent 50+ K to work at fedex? Common man This student loan thing is so broken I still can’t believe it’s legal

[@edhcb9359]

Without student loans then the broke half of America would all scream that they are being locked out of higher education. IE Discrimination.

[@mambofuego5101]

Being stupid isn’t illegal….taking loans requires active participation.

[@drtij_dzienz]

I wonder how much his parents pushed him to go to college and pushed him to take out the loan

[@blackworldtraveler3711]

Would have cost me $6k to work at FedEx without student loan.

[@thedude5040]

@@mambofuego5101 you would be surprised how little participation is needed for student loans. There is no "sign the dotted line". Instead its just a "next/accept" button on a website. For me, I never physically signed, printed, or submitted an ID for $46k student loans.

[@mle011]

I’d sell the car. She’s broke as heck, she can’t afford a $22,000+ vehicle.

[@blackworldtraveler3711]

I knew not to co-sign for people in high school.

[@retirementbudgettravel699]

Borrow Future is absolutely mind blowing!! It’s very well done, super interesting & made me despise student debt even more than I already did. Thank you!!!!

[@MuffinTessee]

I never understand how people will go out and buy a new car on a loan.. You're already getting a bad deal by buying new then add on the additional cost of the loan. a $15k purchase turns into 30-40k just cause people need nice things.

[@curiouslass4280]

No co-signing. Period.

[@sergiopabon1387]

Some student loans allow the co-signer to be released with certain terms met. Look into that.

[@9liveslisa]

Get the kid to watch Ramsey too and get on board with a budget. That will help him understand her debt better if she discusses it with him.

[@jairoherrera4040]

Like Judy Judy always told the audience to never co-sign anything for anybody!

[@jimroscovius]

I don't get why Dave was so easy on him. My kids paid their own loans and we did not cosign.

[@mroberts566]

I don't know anything about student loans. Why would the caller have cosigned? Don't college students take student loans without parents cosigning all the time?

[@CaseyBurnsInvesting]

38k to work at FedEx. Gotta choose your major wisely.

[@brianthomas3451]

Horrible mother. She should have set her son straight

[@2HootHoot]

My mom cosinged on a few things when I was young, but didn't want to risk her having that burden so I refinanced asap

[@pep590]

Good for you! Very honorable!

[@NaNa-lt1po]

Say what you will about dave , him giving away ramsey+ says a lot about his conviction

[@dababycar2899]

He’s worth 500 mil I don’t think he cares at this point

[@littleripper312]

It doesn't say a lot actually. He doesn't lose anything doing it. That being said love Dave, great guy.

[@fhuber7507]

If the kid is paying the student loans. then guide them in responsibly paying it faster. It's the kid's loan when you co-signed. If the loan is not behind in payments, let him keep taking care of it. Parent plus is the parent promising to pay it. So that one is straight up hers.

[@chukuemekaoje1015]

It's also her loan as well. The caller and her son are both equally responsible... hence the sense of urgency from DR, especially when the caller told him her son was making $17/hr but seemingly had a successful shoe flipping business. And honestly, if I were the caller and had made that same mistake, I'd absolutely want to get this thing paid off as soon as possible... Or ask the kid to refinance (if it's possible).

[@Ostro1980]

Why does everyone on here have brand new cars they can't afford? Seriously EVERYONE

[@grayandgray]

auto companies are finance companies, their first question today is "what kind of payment are you looking for?" Then they can run that out to 7-9 years to make $35-40K "fit" for many, and, bonus!, call it "O%", It's been happening for decades. I knew someone who wanted to borrow $3k for a used car, no bank wanted that, but the dealership could put them in a brand new $12K car. No problem.

[@blackworldtraveler3711]

@@grayandgray Yeah that "what kind of payment are you looking for" question has been going on since the 80s.

[@danielbell7855]

Where's the father

[@Ancano]

Poor lady is drowning in debt. At least she has a decent income.

[@deuteriumjones]

Yeah this isn’t her son’s fault. Idk why she led with that.

[@mph5896]

Kid could not afford university. Should have went to a community college for close to nothing $ and went from there. Yeah, mom is broke

[@blackworldtraveler3711]

She is broke, single mother,and too old for this.

[@davidking4779]

I lent my stepson $40K for his education which he completed. He is now employed and married with children, but in six+ years he has paid $0 on his loan to me. It is what I was told to expect by everyone except his family, but it is sad. I am still alive and he is still employed, so I guess there is hope that he regains his self respect and starts paying down this debt some day, I doubt that his wife is concerned about his self respect.

[@stud6414]

Sorry man, hopefully, you've learned to not give money to strangers and to stop being a simp.

[@NicE-jq3wv]

The longer you ignore it, the more emboldened he becomes to do the same. The guilt is not wearing on him. You must be upfront and call a meeting to discuss terms for immediate repayment that you can both agree on and be comfortable with.

[@edhcb9359]

Have you said anything to him and his wife?

[@rcbrothers1000]

Thats exactly how most people are unfortunately. They beg when they need money, but Don get on their needs to pay it back

[@chrisstaub5880]

Just accept that you are probably not going to get paid back, and consider this a lesson never to lend money to (or cosign for) family or friends again.

[@jacobkane670]

For the record, it’s spelled Reading, PA.

[@TSammut0219]

Coming up tomorrow on Dave Ramsay “Hey Dave, I make 17 dollars and hr and trying to move out, and my mom keeps guilting me about paying a student loan that she co signed on”

[@Casinogirl56]

Parents raise children with participation trophies and a huge sense of entitlement and wonder why this right here happens.

[@robertperry814]

But she said he's paying on the loans.

[@gingercat7925]

*Reading, Pa. Not Redding.

[@KEP1983]

It's pronounced Redding.

[@gingercat7925]

@@KEP1983 Correct, is is pronounced Redding, spelled Reading, just like Reading Railroad on Monopoly.

[@johnnyhoang4444]

“Pretty well” $17/hr. Hope the student loans were worth it.

[@Alo-magicat]

Hmmmmm maybe the son is going to go full DRA and then see this video! See how worried she is about it.

[@thequickerflipperpickerupp6281]

Logical answer, "duh!" 🤣🤣🤣

[@mxerb5912]

What a mess at 52. I hope she cleans it up. Son needs to make more than 17hr. My local burger joint is paying that

[@lifeintangibles3153]

Please make Borrowed Future available in India as well..

[@DemetriPanici]

This has to be so hard for parents nowadays

[@johndone8045]

No woman, you son making 17 an hour is NOT DOING GOOD at ALL

[@rachelharrison7961]

So, is this the same sneaker dude’s mom or are all the kids doing that?

[@MattPryze]

Different person, this lady called them sneakers but the other lady called them tennis shoes hahaha. Dave and them scoffed at it at first because they are clueless

[@heytheremrbrooks1]

There’s a lot of people flipping sneakers for 3x the price even more. What Dave doesn’t understand these sneakers are limited edition so once they sell out they will not be anymore made. So whoever have these shoes go onto StockX and just resell at crazy prices

[@blackworldtraveler3711]

Whatever they are doing I bet the IRS knows nothing about it.

[@admiralrustyshackleford119]

@@blackworldtraveler3711 As it should be... Taxation is theft. They already help themselves to our regular income, ain't no reason to invite them in on whatever side hustle you might have as well.

[@cutehumor]

Social security will garnish the mom's social security check if the student loans are not paid off!

[@Fishouta]

Only if it's a federal student loan and only if it's in default.

[@blackworldtraveler3711]

@@Fishouta Federal or not the debt isn't forgotten.

[@dancerodie]

@@blackworldtraveler3711 Some people are doing the best they can and all I see is people on these chats just just saying pull up your bootstraps and pay it. It's not all that easy. In today's world there are people without student loan debt and not leaders but everyone (on these chats at least) wants to tell someone else what to do and they are probably not doing squat but just going along to get along. I bet someone would still complain about something even if the kid was paying.

[@cazpk6840]

My birthday is tomorrow and i am afraid to spend money but i really want a nice steak.dinner. i should call dave about this. 😂 Merry Christmas week everyone 🎍⚘💕 And yes i am getting rice, beans and a steak.

[@9770G]

I mean even if her son worked and made money, does he still have to pay the loan off himself or could he still not pay it and make his mom pay it off even though he is working?

[@esonon5210]

Did he apply for any kind of scholarship? If you have to pay more than $10k for one year, it's time to step back and re-evaluate what you're getting into.

[@thedude5040]

$10k isnt much, when you considering housing.

[@miketheyunggod2534]

Dave knows enough where he thinks he knows what he's talking about, but knows little enough where he doesn't know what he's talking about.

[@mercedeswilkins5566]

If you co-sign your responsible for the full bill.

[@letstalkaboutgermany8288]

This guy is going to be so screwed when AI is taking over the world of copy writing…. Scary…

[@mercedeswilkins5566]

Co-sign mean also signed

[@nelsonomicsruns9246]

Term Life insurance for him?

[@jaakkomerilainen6421]

Sounds like lots of wannabe entrepeneurs are going to be left holding the bag with this sneaker thing.

[@mathisnotforthefaintofheart]

A parent should NEVER co-sign for the kid's student loan. NEVER EVER!!!

[@AnnMitt]

College graduate "junior" is making $17/hr ? Gross.

[@AdrianO.]

lol I love this.

[@moicus29]

In what...writing.... okaay

[@rayn1ful]

i remember that call with the kid selling the sneakers , i wonder if this is his mother ?

[@markg999]

The mother called in for that one also.

[@garrenshot]

Lol what's with the day trading of sneakers

[@404TRUCKERTV]

yep, i have a buddy who does it, he makes just as much part time as his full time job selling a few a week.

[@GardenerEarthGuy]

Iguana Sideshows are going to be big in South Florida- investing in iguana fighting venues will generate a handsome return.

[@markg999]

Another bubble to pop

[@markg999]

@@saulgoodman2018 Yes people need shoes...they dont need some $500+ used Air Jordon.

[@blackworldtraveler3711]

Never understood the stealing and killing for Jordans either but it was enough to persuade me to buy Nike shares in the 90s.

[@marcenelj]

Dave, I'm surprised you didn't tell her to sell the 22k vehicle considering her current financial situation. It's insane. Please be consistent.

[@ceciliapreziose3783]

so he went to college for 17 an hour???????????????

[@patriciaguy5230]

I hate that i co signed my son car and i know better. Hopefully he can refinance the car without me

[@jimroscovius]

Tell the son he needs to grow up and pay, or else be a deadbeat!! You said he's managing his money well. No, he isn't. He's not paying what he owes!!

[@jimroscovius]

@john Smith Then why is she worried about paying them off? If she wants to pay them off, fine, but that has nothing to with the fact she cosigned. If he's paying them, then what was the point of the call?? I think there's something else to this call.

[@realazduffman]

Professional writing. Sorry, that is not a real degree.

[@theforeignerinamerica1817]

Cosign if your kid is responsible. Otherwise make him/her sign and you just act as a mentor

[@yaydog2702]

Kids don’t take school seriously, it’s not wise to sign up for these crazy school loans even if your the parent

[@Buggu3]

Exactly!… I did not sign any loan for my son.. that boy never liked high school so I was never gonna take that chance

[@bmbott123]

Never co sign!

[@DisconnectedUser]

I feel her pain.

[@mrsmith1339]

If he doesn't. you must. Same with the car loan you signed for him. All these student loans and he makes $17 an hour? How can he be making any payments? When does this madness ever end? A so called living wage isn't. You can't make decent income without skills and education. Was this the goal of going to school? $17 Ihope junior is planning for txes on his sneaker business. The IRS is always watching.

[@mcbins1993]

i'm gonna watch that even tho i'm never gonna have student loans

[@musselmanmedia5236]

and the sky is blue

[@philipkircher2848]

He needs to join the military and let them pay off the student loans.

[@TheFlyingZulu]

17$ as a full time job is pretty good... even for a college grad I think.

[@thedude5040]

Depends on location

[@jeorgedavid3239]

She f up

[@KH9th]

He's not hustling hard enough.

[@djpuplex]

She's just helping this future ex wife get to more cash. Love how Dave coached her on how to manipulate her son.

[@johnmirbach2338]

😁🖖👍✌👌😎