I’m torn on this issue. Basically my mother signed a $20k parent student loan for me years ago at about 7% interest. This was in addition to my own loans of about $16k that I took out. I now work at Amazon, but am still an L4 in a non-tech role who lives paycheck to paycheck (Seattle is expensive, and I later found out that I was brought in at the low end of the payscale..) I moved out of my mom’s house when I was 18 to go to college, and have largely supported myself since. The few exceptions to this is when my dad (parents are divorced) paid for a summer quarter of classes to finish school and occasionally lends me his car from time to time. Other than that, I’ve actually helped my mother with some cash here and there, including pitching in for the monthly payments for this loan, which have now accrued over $6k in interest. Aside from the $16k of student loans in my name, I only have a couple grand of CC debt. If I sell some of my shares, I can wipe out all of my debt and start investing/saving. However, if continue to put money towards the loans in my mom’s name, this will take me longer. So this brings up the whole debate, who is responsible for paying for my that $26k loan? Me, my mom, dad, or combination? EDIT: I appreciate the input from everyone, but just wanted to make a few clarifications: -My mother/parents will love me regardless of whether I take on the other loan or not. -I’m American, but not exactly white #whatwhitepeopleproblems? -My mother has never been smart with her money so much that she cleared out my savings without telling me when I was in middle school..savings that could have been put through college. Additionally, one of my college scholarships was briefly revoked when my uni scrutinized tax docs she had filed with previous husband (not my dad). I’ve put this behind me, but basically saying that due to some poor choices on her part, my college education was greatly jeopardized. -I know a lot of people whose parents paid for their education (and car, and helped with housing etc) who are shocked when I tell them I pay for all that almost on my own. So that’s why I was asking. Reading the comments, I’m pretty sure that I will be paying off the loan she took out for me, but I guess my new question is, should I work to pay off my own debt first, invest and then pay off that other loan, or wait to pay off all loans before investing?
You should pay it, sweetheart. You earn well enough. The only reason stopping you from paying it is your view that the loan is not 'yours'. Buckle up, and pay it off. It was spent on you.
Put it other way, if your mom were capable of bearing your expense, why would she took it at the first place? No credit has 0% APR forever! Paying it yourself, you’d be more confident to move forward your career!
You gotta pay your own loans off
I believe you are responsible. You have plenty of time left to save, your parents don't
Yiu should pay that, it was your education. Two scenarios: 1. You pay all of it, you maintain a good relationship with your parents 2. You don't pay, and you loose your parents unconditional love over a few shares / 26k.
"Unconditional", fucking lol, annubis is either a naive child or has the top 1% of parents
As someone from a non-US culture, this entire post is shocking to me. It makes me believe that the parent child relationship is so fragile in here. If that love can be broken over money, isn’t it a conditional love then?
Clean out your debt. Now. It's your debt and it only grows over time. It will never cost as little as it does right now. Plus, you'll be free of any angst about your parents. Debt is a cancer, it eats at everything and putting it off makes it worse.
Pay for it looks like you can afford it. Parents paying for childs educ is a luxury not a reqmt.
Be nice. You have a nice future ahead of you. Looks like she has a future with suffering. Help her out for once and move on.
Depends on how you feel about your folks, if you think it won't negatively impact them too bad and TBH you don't really care if it does, screw it let them pay it. If you care about your parents and want to help, you know that loan is yours to pay. Just boils down to whether or not you GAF
Child. And never, ever cosign or sign a loan for someone else.
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Legally, or morally? :)
StonedMoth is..stoned? Lol. Morally is what I’m looking for
If you really want to know morally... ask your mom. Seriously. Might be hard to start the convo but tell her you want to know what her expectations are, and that you are more than willing to pay it off.