His Sister Stopped Speaking To Him After He Declined To Cosign A $100,000 College Loan For Her Son
Last week, this 37-year-old man’s 38-year-old sister made a request for a pretty big favor. She asked him to cosign a $100,000 loan she wanted to take out to pay for her son to go to college.
His sister only asked him after she was denied the financing on her own, since she purchased a house in the last few months.
His credit score is north of 800, which is why he was her first pick for consigning, but he told his sister no.
He has a few reasons for declining to help out, and they’re all pretty valid. The first reason is he thinks $100,000 is far too much money for college.
His nephew doesn’t even need that up front since his college costs around $20,000 to $25,000 a semester, so there is an option to just pay per semester.
The second reason he wasn’t comfortable with being a cosigner is that his sister is awful with money, so consigning comes with a large amount of risk on his end.
His sister begged him to change his mind, but he pointed out she can find a less expensive college for his nephew to attend.
Following that conversation, his sister stopped speaking to him and even blocked him across all of her social media profiles. That certainly surprised him, as they have a wonderful relationship.
“My sister has never been good with money, and twice in the last 10 years, I helped her out with loans, and I ended up getting [hurt] on each one,” he explained.
Oleksandr – stock.adobe.com – illustrative purposes only
“One of them I can’t really remember in detail, but the one I do remember was I opened a credit card so she could finance a $4,000 wedding ring.”
“It was 0 API, but she missed payments so it instantly got whacked with like $800 fees, and I had creditors calling me. I paid it all off, and she never even reimbursed me.”
He’s not the only one in the family who has paid the price for his sister being bad with money. Their parents suffered after signing a car loan with his sister.
Now you can see why he refuses to lend his sister any money, and the college loan request was not going to be an exception to his rule.
He would be willing to help his nephew in some way if there was a smaller financial commitment needed from him.
“So, how should I handle this situation?” he wondered. “Just sit and wait it out and see if she contacts me first? Or should I reach out?”
“I can go through other family members or just call her if I wanted. There are multiple birthdays lining up soon, and I know it’d be awkward not being there.”
You can read the original post on Reddit here.
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