Should You Help Your Parents Pay Off Their Loan?

Should You Help Your Parents Pay Off Their Loan?

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[jenniferbutler]

I love that this daughter cared. Some parents will sacrifice anything to provide the best life for their children. Unfortunately, they were not thinking of their own future.

[marcusulmer]

This might be my favorite call...great stuff

[outdoorsnevada]

If their debt helped with your education then you should help pay. In my opinion my parents are worth every penny. If they fall behind and want money it is theirs. Parents raised you, paid for your growing up, etc. I would help them in their financial struggles.

[KS-clbr]

Someone I went to school with her parents wanted her to go to a prestigious school when she was fine going to a cheaper school, it was a status thing for them because they went IVY league. So sometimes it's the parents running up the costs.

[Tigerkem]

She should show her parents a calculator showing how much extra they will be spending in the long run with paying the bare minimum. For example a $120, 000 loan for 10 years at 8% will yield an unnecessary payment of $50, 000+ in just interest. Whereas adding an extra $500 to the principal a month reduces the interest paid by $20, 000. Unless they absolutely can't do it, they're wasting their money by paying the minimum payments.

[sidharthchand]

Wow stay in state borrow the minimum and work on part time if you can.

[jimroscovius]

Our kids went to a private college and we didn't borrow a penny. The kids each borrowed a little (under five figures total), they worked, and we cash-flowed the rest. My daughter paid hers off, and my son has a few grand left.

[evillink]

So much of this is a cultural thing. I'm Hispanic, and an immigrant and there is no question in my mind that my parents' situation will be on me. It's just how things are.

[KS-clbr]

Parents could have said no we are not paying for such an expensive school we will help at a cheaper school.

[AndreaLKL]

I would NEVER go into that kind of debt nor would I ever want my child burdened with that for any DEGREE!

[jimroscovius]

If you can help, you should help. But you have to take care of yourself first.

[randolphcirilo]

Uh.. Its your education! Its your debt! You make the money, thanks to this education.. Your parents need to prepare for retirement..What am i missing?!?

[chrisstaub]

I don't understand the mentality of everyone who insists that a child should pay back loans that parents took out for college because "it benefitted the child." Are you saying that parents should be keeping a running total of everything they every spend money on for their kids, then hand them a bill once they're old enough so they can get it all paid back? If not, why is college different from anything else that parents help their kids with?

[filipmolnar]

I mean the parents could keep doing the standard payments and she could pump money into it when she has it.

[Jacobchap]

Can an 8th grader use your content to get an early financial start in life?

[hiitsmemindyourownbusiness]

As Dave has stated tame $100 a month set it aside for college $1200 a year which in 18 years is $21, 600.00 that does not include interest. Most people can afford to put away $100 a month then still have options of grants and scholarships.

[ilyas]

What are the baby steps? Like baby step #3 is the emergency fund.

[kelaya]

Dude this isn't about moral but she should help them pay.because she wanted to go to an expensive school.if her parents pay the minimum.she give them more money each month. With both their money then they are over their minimum and hopefully diminish the debt. Also she the only kid.i don't get where her parents expenses are going now?

[horserider]

Parents got loan so its parents problem I am so tired of parent getting there kids in debt

[swarupcodes]

My dad took a personal loan for his business. He is paying off infrequently, and I am having a tough time filling in those gaps. Still continuing....