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You wrote, I am of the same mindset, but I am hypocritical of it. I am asking my parents to cosign for a consolidation loan of my private educational loans, but if they turned around and asked me to cosign, I doubt that I would do it. See, I trust myself enough to do whatever is necessary in my power for me to not screw them over by ruining their credit. I do not trust anyone else, not even my own parents, to do the same for me if I was asked to cosign for a loan. I have seen how both of my parents treat money and I don't trust them at all with my credit. Right now, I am working my butt off to establish a good credit history and financially healthy habits. I don't want anyone to ruin else to ruin my hard work that has taken years to achieve.

This isn't hypocritical at all. You're the primary; they're the secondary. You never want to be a secondary (the co-signer) on a loan. Being the primary and having someone else be the secondary is fine. The secondary is the one taking the big risk.

Personally I wouldn't do it for either of my kids; but if your parents are willing, more power to you.

- Joel
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