Wednesday, 10 June 2009
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Should You Ask Your Parents To Pay Off College Loans?
One of the sites we regularly visit, walletpop.com, had a great submitted question.
A reader was wondering if they should ask their parents for money to pay off their college loans. The student went on to say that his parents have the money but he's not sure if he should ask for the money.
If you were in this graduate's position, what would you do? Would your parents be okay paying for your college loans?
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Comments (11)
The closest thing to parents I have is my older siblings and I never had any college loans. So my totally unqualified opinion is that if the parents have the money they should have paid for college for their child in the first place thereby avoiding the loans. I haven't even had children yet but I am paying college tuition on and off for several of my nieces and nephews... I think families need to work together to beat this crazy system of debt that is trying to choke our struggling college students to death.
Maybe if my dad wasn't unemployed and I was REALLY hurting for certain on money. Oh yeah, that's right now...crap. Graduated in December and only managed to find a temporary internship, which ends at the end of July. Then it's back to unemployment and most likely defering my student loans cause I'll have no job. Lovely.
I would say welcome to the grown-up world.
There are a number of factors here, but I would have to ask the obvious-why didn't they pay for college when that person was going? Did that person ask for their advice before taking out that loan? How hard did they work for grants, scholarships and other financial aid before taking the loan?If the parents are loaded, feel free to ask, but if they're loaded, why did you have to have a loan in the first place? Most kids don't really know the extent of the family finances and I find it absurd for them to think they're entitled to it whether it's there or not.It's not their money.Parents do not owe their kid(s) a college education, but most hope they get one.
I do agree with a previous commenter that the system is crazy and my thoughts are why is no one controlling the cost of tuition, fees and books?
That's such a personal, it can only be answered on the basis of the individual relationship.
Not the whole thing. I mean, I would feel bad. I would work to pay it off, but ask for some help from time to time.
@k8tthelate@xanga - You make a good point, but I say that if you have someone around who is willing to help you out, even if it is still your parents, then you should do what you can to pay it off. Once the 'rents are out of the picture, that's when they will truly realize that they're on their own.
If parents are open to it and have expressed that they are willing to help pay your bills, then feel free to ask - but don't take advantage of it.
I would agree with "welcome to the grown-up world". If you decide that you need to take out a loan, rather than working and earning your own money to pay off your own fees, even if it involves taking a year or two off and out of school, that's your own decision and that, in my opinion, is then your own responsibility.
My parents always told me they wanted me to go to university and become successful, but actually going in the end (I contemplated it a lot) was my choice. They had the money prepared for it, but I've yet to need it. I feel that because I chose to do this myself, it's my responsibility and I'll take care of it. As it stands now, I don't plan on asking my parents for a cent unless something absolutely horrific happens and I'm downright desperate, assuming they themselves are still in good financial condition.
I think it would be okay for parents to pay for some of it, but not all of it. There has to be some responsibility for the child.
I'm not really comfortable with that.
I wouldn't ask. Parents are notobligated to pay your college tuition or loans. It's generous if they want to spring for tuition, but I don't think anyone should expect their folks to open their wallets just because they ask. If they had the money to pay your student loans, they likely had the money to pay your tuition, which would have negated the need for loans in the first place.
Don't forget that your parents will be close to retirement and will not have as time to earn back any money they spend on college tuition/loans. It's not fair to ask them to take out tens of thousands of dollars that's been earmarked for their golden years. You, on the other hand, have many many years to earn or invest the money to pay back the loan for the college education that's boosting your earning potential. Adults take responsibility for their education and finances.
only if they are willing and offering. we have this system in aus called HECS where we don't pay for our loans until we graduate and earn the minimum wage. i guess we can't depend on our parents for everything and knowing that it's interest free makes me feel better. i know my parents have the money to pay for my education as they spent ridiculous amounts sending me to a private high school, but i guess paying off my loans will be one of the first step towards being financially independent and a taste of "the real world".
How to Consolidate Student Loans?
Consolidation of the loans may be approved by the students or their parents more educational loan borrowers in a loan
with a monthly payment. Since each student can either federal or
private student loans, they also have a May federal loans or private
companies, to consolidate the improvement of the easier to manage debt.
Federal Student Loans vs Private Student Loans
Canadian Student Loan Consolidation