New Jersey couple Ralph and Joanne Grande wanted to help invest in thier son Vincent’s future. It is all the reason the two co-signed in some $81,000 in student loans so that he may attend Monmouth University to study to become a stockbroker. No one could ever anticipate sudden tragedy.
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Last November, Vincent was involved in a car accident which claimed his life. His parents grief did not end with his passing.
The lender soon came to Ralph and Joanne Grande to colllect on money Vincent could no longer pay: $1,100 a month payment for 15 years! It’s an expense they most certainly struggle to manage amongst other bills.
This is a tragic story with unfortunate haunting consequences. Parents beware. You have every right and responsibility to look after your children’s best interest, especially if it means investing in their future. Though, understand that co-signing translates into vouching for and assuming another’s debt- whether child, relative, or friend. If you recognize that your child is taking out many loans, it is possible indication that they are getting in over their head in too much debt. It’s a situation each person must be soley responsible for on paper.
What do you think? Should the leanders have approached Vincent’s parents after his passing, considering the circumstance? Leave us your thoughts and opinions below, and keep logging-on to wiznation.com!
