Never. Ever. Cosign.

$2.8 million. That’s how much senior citizens owed in student loan debt in 2015. That number keeps rising. Some seniors carry personal student loan debt into retirement. Most made the mistake of cosigning.

Some Fun Cosigning Statistics:

1. 3 out of 4 borrowers default.

2. Borrowers need cosigners because they have bad credit.

3. Making loan payments as a cosigner won’t help your credit (not that you needed it).

4. You might not get a loan you need.

5. 56% of college students graduate (no degree, no job).

6. Credit card debt , mortgage, car loan, student loan — all things you’ll have to juggle if you cosign.

7. Most retirees do not have enough money saved (add student loan payments to that mix).

8. You might not be helping.

You Don’t Have to be Heartless

Let’s be realistic. If you can’t afford to pay off the entire loan — right now — do not cosign. Heck, even if you can, don’t. It’s just not worth it. But you can help your kids, grandkids, kid down the block, childhood friend, boyfriend, girlfriend, insert other person that desperately needs to attend an overpriced college here.

You can give that person real money in the form of:

1. Cash. Give what you can to contribute.
2. A used car. Every student needs a car, right?
3. Books. Offer to pay for books.
4. Food. Students have to eat.
5. Whatever else you can afford.

Just remember this old adage: do not loan anything you expect to get back. When you give an item or an amount, you can give unconditionally. No retirement funds depleted. No dreams crushed. No relationships shattered. Don’t be cold and heartless. Give what you can’t. Just don’t cosign. Ever.

Here’s more about that.