Madinat al-Muslimeen Islamic Message Board
| Co-signer on student loan |
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| Rashid |
| 04/30/01 at 21:00:54 |
| [slm] Here's the situation: a friend of mine from school (non-muslim) asked me if I could co-sign his second term student loan, since without this loan he won't be able to enroll and finish school. I asked what about his parents and sister? he says they have bad credit and the loan won't go through, he also has bad credit which is why he needs a co-signer in the 1st place. Since it's for his education and he's a good guy, I thought about it. We never know when we might need help so I didn't wanna turn my back. But then I started thinking, if he doesn't pay the loan or defaults, it's me they're gonna come after. I already have my own loan to worry about, and I guess he's asking me since he knows I have good credit. So at this point I have a dilemma on my hands. Suggestions? |
| Re: Co-signer on student loan |
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| Anik |
| 04/30/01 at 23:53:30 |
| asalaamu alaikum, okay I am well versed in the situation of bad credit (not personally but around me) and there may be terms in which he doesn't need a co-sign if he can, i believe, fulfill certain requirements. does he have any fixed possessions of values? man, i know he's your friend and all, but WATCH your credit friends are often getting into squabbles about this sorta stuff does he know any other adults who can help him? i heard the saying, and i really have no authority to quote it but I'll try, "Trust in God but always tie your camel" (Allah forgive me if I misquoted or didn't give the proper person recognition of rthat quote) if he gets up aloan that he can't pay, they'll take your house man. i have seen that and it's not good. just try to suggest alternate ideas and do the most you can or get collateral maybe from him. i hope i might of helped you. asalaamu alaikum. anik,. |
| Re: Co-signer on student loan |
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| Rashid |
| 05/01/01 at 12:47:12 |
| [quote]or get collateral maybe from him[/quote] That's an excellent idea! Thanks for the tip. He does have some things of value. Come to think of it, why doesn't he sell these things of value and come up with the money for the school? Ok I'll bring it up and inshallah everything will turn out OK. [wlm] |
| Re: Co-signer on student loan |
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| Anik |
| 05/01/01 at 15:40:49 |
asalaamu alaikum, hey brop tell me how it goes okay? A.A. anik,. |
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