Legal Question in Credit and Debt Law in Pennsylvania

Co-signing is a very bad deal. Don't do it.

By co-signing, what you are doing is in saying, in effect, to the lender "go ahead and loan student the money because if student does not pay, I will."

I don't know what you mean by your heirs having legal recourse. Legal recourse against what? If you go ahead and co-sign, the student gets the funds. If the student does not repay the funds as per the term of the note then you have to pay or your estate if you are deceased. If you or your estate pays, then you or your heirs have the right to go after student for reimbursement of the monies you paid. However, if student is such a deadbeat that he/she is not paying the loan to begin with then it will be difficult for you/your estate to collect. It will be far far better if you do not co-sign this. Student loan debts do not go away and cannot be discharged in bankruptcy.