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Stacker Details
- Creator
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Dominic Preuss
- Creation Date
- March 31, 2009
- Replies
- Comments (2)
- Categories
- Student Loans
- Categories
- student loans
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I decided to pay off my son's student loan (approx. 120k). The interest rate sounded good, but hardly any of the monthly payments went to principal. Maybe I made a mistake. I would like to hear how other people would handle, what was to me, a rather large debt.
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Brad Hines replied 9 days ago
If the debt is simply too big for your son to handle, perhaps he should consider chapter 7 or 11. The rationale here is that the court could modify the debt or loan. Further, paying off your sons debts will contribute to a feeling of entitlement. What happens when his income increases? Will he spend the new funds on a car or help pay off the existing loan debts? Put the cash to work in your retirement, and let him live at home until the debt is paid.
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