Ask Jean: "Should I add myself to my college student’s lease as a guarantor?"

Saving money on ask jean should add does not have to be complicated. We rounded up the essentials so you can spend less and skip the guesswork.

Key Takeaways

• Jean answers a reader's question about what it really means to be a guarantor on a lease , and why you may want to think twice.
• Q: Today’s question comes from Gretchen.
• She writes: “My 18-year-old signed a lease for a college apartment.

Jean answers a reader's question about what it really means to be a guarantor on a lease , and why you may want to think twice.

Q: Today’s question comes from Gretchen. She writes: “My 18-year-old signed a lease for a college apartment. Each tenant gets an assigned room and bathroom and their own lease. Parents have the option to be added to the lease as guarantors. Should we do this?”

A: Thanks for your question, Gretchen. Being a guarantor on a lease is essentially the same thing as being a co-signer on a loan. If something goes wrong - in this case, if the rent isn’t paid - and you’re the guarantor, you’re responsible.

Frequently, parents will add their names as guarantors to boost their child’s chances of being approved for a lease, as numerous landlords require young tenants to have guarantors. It doesn’t sound like that’s the case with your situation, though.

At this point, if you and your husband were added as guarantors, it would mainly be a benefit to the landlord, as you would be legally responsible for rent payments if your child wasn’t making them. It’s worth noting too, that if you do add yourself as a guarantor, any non-payment could potentially harm your credit score.

My take? Since the lease has already been signed, I would decline to be added as a guarantor. Instead, I would keep in close communication with your child to ensure they are managing their money responsibly and that they have a rock-solid plan for being able to pay rent.

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Final Thoughts

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Originally published at savingswitch.com.