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As the cost of college rises, more parents are cosigning private loans for their children’s education.
That move can wreak havoc on older people’s financial lives if their child struggles to repay the debt.Some 45% of adults over 50 who took on education-related debt for someone else did so in the form of cosigning a private loan, according to a new survey by AARP, an advocacy group for older Americans. Ways people over 50 borrowed to cover someone else’s college expenses Created with Raphaël 2.1.2Borrowing from their retirement savings45%Cosigning a loan34%Running a balance […]
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