Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
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.
Cosigning a loan, in which a person with good credit essentially promises to repay the debt if the primary borrower fails to do so, was the most common way people went into education debt for someone else (usually a child, although sometimes a grandchild or spouse).
"Parents want to provide the best education possible for their child," said Lori Trawinski, director of banking and finance at AARP's Public Policy Institute. "Many times they'll take any action they can to help their kid."
Once students have exhausted their federal student loans, it can be hard to get a private loan without a cosigner. Around 90% of private student loans to undergraduate students require one, according to Mark Kantrowitz, the publisher of SavingForCollege.com.
"I think cosigned loans should come with a black box warning label," he said. "Cosigning a student loan may be hazardous to your wealth."
"Some people, incorrectly, believe cosigning to be like giving a reference," Kantrowitz, said. "In fact, a cosigner is a co-borrower, equally obligated to repay the debt."
That means that if your child falls behind on his or her student loan bill, or goes into default, both of your credit scores will take a hit. (A private student loan can go into default after 120 days.)
Even if your child is in good standing on the loans, your credit will be impacted, said Elaine Griffin Rubin, senior contributor and communications specialist at Edvisors, a financial aid site.
It could be harder for you to secure another loan or refinance your house, since lenders will take your existing debt into account when considering an application.
Some private student loans don't come with a "death discharge," meaning you'll still be responsible for the debt if your child passes away.
In some cases, lenders will release a cosigner after the student has graduated and picked up employment.
In most cases, parents are better off taking out a parent PLUS loan from the government than cosigning a private loan for their child, Kantrowitz said. Even though the loan is in your name, you can make a side agreement with your child that he or she will repay it.
"That way, the parent remains in control and can make the payments if the student doesn't," Kantrowitz said.
Even so, there's risk involved. "If the student is irresponsible, it makes for very awkward holiday dinner conversations."
If you do end up cosigning a loan for your child, Griffin Rubin said, there's usually a way for you to access an account in which you can keep tabs on the debt.
Perhaps the bigger point? If your child has exhausted their own federal student loans, and needs to take out private loans, there's a good chance they're borrowing too much, Kantrowitz said.
"They should consider a less expensive college," he said.