Do I Still Need To Pay Back The Parent Plus Loan?

It’s so sad that parents get into big debt due to these loans

Stand proud with your integrity

I agree it's the guy's debt, but as a dad, I would want to help my kid pay it off quicker by doing some work or side work, so that he can live for the future sooner.

I’m sure his parents are proud of the kind of son they raised.

What a deadbeat, disappointment of a child.

It sounded like he was disappointed to realize he should pay that back. I hate owing anybody money.

Parents, please don’t shaft your kids like this. Either save up the the money for your kid’s college or have them work their way through community college and your local state university. It should be a crime to send your kid out of state and then expect them to pay back hundreds of thousands in loans.

Entitled Zoomers asking a grumpy boomer.

His parents raised a duffus. That goofy laugh. I hope the women RUNNNNNN...dont reproduce with this idiot. Horrible that he would call in and try to get out of that kind of debt and leave his parents hanging.

I never went to school and didn't even know about patent plus during my first degree. Thank God.

What a bad son. He shook his dads hand.

Why do I feel like most people who call lately took on Financing degrees and have the most debt and are clueless when it comes to financial literacy

Dave is right

What was the point of the call? To say it’s ok to stiff his parents?

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Thank you Dave.

The fact that these kids think they shouldn't have to payoff their student loans speaks to their lack of character.

It's always the accounting majors.

Didn't you sign the loan? It's not your parents job or the Taxpayers job to pay off Your loan for Your degree....

Paid way too much for just a bachelors in accounting

I have a friend who went to an expensive private school because her parents basically made her. It was their alma mater.
It was out of state and they expected her to repay them.
She had chosen to be a teacher. She explained that she could never repay them based on her future salary.
They compromised. She paid them what she would have had to if she’d gone to the local University.

He lives in NY City. Dave thinks he can live on 40k. Haha. Numbers don't add up. After state and federal taxes, insurance and all other deductions, he probably has 60k left if not less to live on. Good luck with that

Did his parents spend any of the school loan money on something else? He said took out more than he needed?

An accountant with questionable moral ethics, not a great combo

Question for listeners if I just started my part time job and know im going to making less than 20000 dollars a year should i save 500 dollars instead of 1000 dollars?

Did he agree to pay it or did parents tell him he had to pay it? Did the parents discuss this with him before they took out the loan? Sounds like parents took it out and then expected him to pay it.

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Something to think about when wanting to have kids so they can take care of you later.

His parents never should have allowed that kind of debt. His parents need to pay it off not him.

Haha. Does this surprise you. Not me one bit.

Why would this even be a question? He is asking if his relationship with his parents is worth this $150k debt.

Dad should have never taken out those loans for a bachelors. Dad’s should pay half!

Weird call. He actually needed to be told to do the right thing.

He was really deciding if he should pay the loans his parents took out so HE can go to school?? 🤦🏻‍♂️🤦🏻‍♂️

Over a $150k for a middle class job. Unreliable.

You need to pay back every cent.

I just paid my student loan off earlier this month.

Yeah my dad co-signed for it, and even during my bankruptcy when I had no legal obligation to pay it, I still paid it because I knew the bank would come after him if I didn’t.

If you make an agreement to pay something, and have the means to do so, you should pay it.

Boy your parents must be so proud 👍

If he even needed to ask this question, something is terribly wrong.

POV: you clicked this video to see Dave go off

Do any of the callers ever get scholarships and grants? My god.

My view on parent loans is this: Do not use it unless you have the gotta shoulda would go to college and you have no other options type of parents. If you don't have such parents take a gap year get a basic job and maybe try to go back to your high school for AP classes and then go to college much more prepared and read a book such as paying for college for dummies which is available in your local library.

He would need to check and see, but he might be able to refinance the Parent PLUS loan to a lower rate and get it into his name and have his employer pick up the payment for that too. Of course that is just a bonus as he cleans it up.

The thought you’re considering not paying your folks back??? Wow!

I’m going through all of these Parent Plus loan calls 😅 looking for a specific one.

I agree with this line of thought though. Who cares whose name is on it, you made an agreement to family.

If they never made the agreement… for me that’s another thing and I think there is a call like that that I’m looking for 🙃

Gross

something they didn't allude to: how much would the parents have felt they could borrow if the kid wasn't going to pay it back? They took out the loan--maybe a lot more than they could have afforded--because of that promise of pay back.

Parents should NEVER IMHO take out Parent Plus loans.