I need help (lol, that doesn’t sound right). My husband and I have a little family issue. My sister-in-law is trying to make her way through college. Unfortunately, all her options for loans have run out, except for one where someone can co-sign on the loan with her. It’s for 20,000, and she’ll immediately have a high paying job secured upon graduation in two or three years.
In the past she hasn’t been financially wise, and has had credit collectors hunting her down. However, after being on her own for the last few years, she says she’s changed and that she’s more responsible now.
Here’s the question: what should we do? We just bought a house seven days ago. We have some big purchases in the future. We know that co-signing on her loan will automatically put a dent in our credit score… although we do have beyond excellent credit.
Here’s the quandary: Would co-signing on her student loan be A) foolish or B) God’s will? I can see both sides of the answers. Foolish because it is not wise to co-sign (duh). But could it be God’s will, because Jesus said to give to everyone who asks, and even if they ask for the shirt off your back, give them your coat too? In other words, Jesus told us to give, even if that means everything (and in this case, I wonder if we could actually lose everything if she doesn’t hold up her end of the deal). So is it within God’s will to co-sign, or is it foolish?
We already have strained relations with her (a few years ago when I was deathly sick she tried to turn my husband against me, and she was severely controlling of us and our schedules- but never mind, I shouldn’t have even mentioned it, because I do love her even still). I mention it (separation on sad terms) only as an example as to why we worry that she’ll take it the wrong way if we don’t co-sign.
I’ve gone over and over this in my mind: “God will not condemn us to hell for a foolish mistake, if that is the case in co-signing. What He could send us to hell over, is if we did not do as He commanded (giving). I’d say to play it morally safe would to be to say yes to co-signing with her. Surely God would dismiss the foolishness (IF that’s what co-signing turns out to be) because the love and good will in our hearts would trump all.” Or is that thought disordered?
What would be the morally wise thing to do?
P.S.- In the past another of my husband’s sisters asked him to co-sign on a loan for a car. He denied her because he felt the danger of her not being able to keep up her payments. So I do worry about the other sister feeling rejected (although we did give her 2k) if we co-sign this time with this sister and her student loans.
Also- We can’t afford for me to go to college (if i choose to go, which I’m not planning on it). So I don’t know how fair it is to co-sign her way. Not that I matter :p.