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when original cosigner can’t cosign

i’ll be a junior in college (undergrad) this fall, and thankfully after transferring i no longer need to take out $19,000+ in private student loans. however, since my brother is $120,000+ deep in private student loans, both my parents can no longer cosign my new student loan for $1,400 – yes way better, that is not a typo (i am seeking out employment, idk why i didn’t get a job sooner, oh well can’t do anything atm).

i hate having to have them do this; my dad said he would dip into his 401k (he’s almost 59 1/2… sept. 5 the bill is due and he was born 3/1960…) to get the money. cumulatively my best guess is that our household income is $90,000. idk how much info is needed to figure out any advice, but i’ll say that medical bills are a huge cost for us. i certainly do no want him to have to do this, but he is insisting on keeping this within the family and not going to any other family members.

is this really as bad, going into his 401k, as it seems? i hate how this would negatively impact his life, especially just because this could’ve easily been solved if i just got a job, and would rather not have to have him accept the consequences. are there any other possibilities? if i switched banks for the private student loan would that affect anything? should i simply ask another family member? can i try to take out a regular loan?

when original cosigner can’t cosign – RobinHood – Reddit Feed


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