At what age do I change from being a minor, to an adult? Not 18??

Question

I recently cosigned for a friend. She had no credit, and I had perfect credit.

When my parents found out, they were livid. Apparently they are still responsible for me, because I am not 21 yet? How is this possible? According to every place I have seen (including the NYS website), the age of majority in NY is 18. (I am 19, and will be turning 20 in about a month.

They told me that if they were tied to this loan, the only way to fix it would be for me to emancipate myself. WTF is going on here? If the age of majority is 18 in NY, am I not already "emancipated"?

My mom cosigned for my first student loan. Does this count as "sharing" an account?

Answer 1

At 18 you are no longer a minor. They are responsible for you in some ways, like if they claim you as a tax exemption or you live with them. In this case, they should have no liability unless you are sharing bank accounts or other financial accounts. If you are, it's their fault for trying to use your identity to further their own wealth.

And by the way, cosigning for a friend with no credit is a TERRIBLE idea. I hope you don't get screwed.

Answer 2

OK, your parents are wrong. They are NOT responsible for this loan in any way shape or form. You are 18 and as such can sign for your own loans. Technically your are not an adult. BUT legally you are an adult. At 18 you can do ANYTHING you want with or without your parents approval. They are NO longer responsible for you or your actions.

Answer 3

You have been an adult since 18. Your parents are dead wrong, they are not in any way legally responsible for you.

That said, cosigning for a friend is a horrible idea.

Answer 4

You cannot get emancipated because in the eyes of the law you are a legal adult. Your parents will not be held liable. But please be careful about co-signing. Money and friends don't always work.