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I Owe $369,000 In Parent Plus Loans!
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- Опубликовано: 3 ноя 2019
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I would not have allowed my Mom to participate in this craziness even if she offered. I would feel awful knowing my Mom was stuck in this mess.
Same. I wouldn't put this burden on my parents, ESPECIALLY a single mom!
Me too 😰
I’m crying just thinking about my mom going through this stress over MY problem... I could never
Correct but no father figure!
True, but best not to judge when we dont know their whole situation.
The only man who sticks closer to you in adversity than a friend
*is a creditor.*
Hey, it ain’t rock science.
It gets to a point where only the debt collectors believe in your ability to make money 😅
@@numanuma20 Rock science? Like geology?
"The three musketeers are gonna have to assassinate Sallie Mae" 😂😂😂😂👏🏿👏🏿 DAVE YOU ARE A BLESSING
I love that he put hope back in her. I think she should play this call for her son's. I really hope they attack this and do debt free scream!
Shaezawn Barker: that line IS hilarious!!! Love it!
😂😂😂😂😂😂
I feel bad for her but it was kind of stupid to let them spend $369,000 on 2 college degrees.
Not even two masters should be that expensive
@@peekinghills2450 Wonder where the two went to school?
lovethemflowers probably U Penn or Johns Hopkins.
There’s a lot of ways to get a degree for a lot less. Just because someone will loan you the money doesn’t mean you should borrow it. Don’t whine and pay back the money.
not if they got jobs like they did
When she said "they landed well", I thought she'd say they're making $120,000-$160,000 or so per year. When she said $65,000? Oh boy.
That was my thought to I made that 15 years ago when I was 23 and a high school drop out
mle011 she’s delusional thinking they “landed well” with that debt to income ratio
I think she was referring to their career paths.
These days....in such a competitive environment...shes lucky they landed at all. Its decent entry level. About what I make fresh out of school and that's more than the majority of people all ages in my city. But obviously I want more lol
Comparitivly thats better then thiere peers, however its horrible with that debt ratio.
The sons need to help to get the mom out of this mess. 3 years of no life is better than 10 years of life but struggling.
Yup, they have good jobs, they'd BETTER help with this!
Sir We Are About to Die Americans are persuaded/shamed not to do that. I think it keeps most American families from building wealth and security. Also. A lot of families do not get along.
Sadly parent plus loans mean that the kids maxed out the total amount they can possibly borrow. Most likely they are at least one to two hundred thousand in debt as well.
It wont be three, he uses pretax dollars. She barely brings home 52k after taxes health insurance.. She cant throw 50k a year at this... Ur absolutely right tho, the sons need to step up
Bless her. It couldn't be me. No way I'd risk my entire future and retirement for kids college. I might give you 10k each to get started, but not signing up for 369k.
Chris Vandernaald you’re smart. My dad absolutely REFUSED to co-sign anything for me. I went to a trade school and I’m debt free with a happy marriage and my own home. You don’t have to have a 4 year degree and the kids should pay for it. Trade schools are valuable to.
@@leahv5892 so what do you do now if you don't mind me asking?
My parents absolutely refused to help with school.
Chris Vandernaald - Better yet, start their college fund as soon as they're born, or earlier.
it drives me crazy that he's always using pre-tax income, makes a huge difference there
Rachel Maria - I hate it too.
Rachel Maria uuhhh its how 99% of people discuss income
And he doesn’t calculate tithes for some of us who tithe. That’s a big chunk.
@@JoyofRVing Are you one of those braindead mormons?
He uses round numbers. He said 300 a year, live on 50 and pay 150 a year. He did leave out 100 (33%) for taxes.
Everyone need to move into together and split everything until the problem is gone. I would never leave my mother in this mess.
Keke Kimbrough they’re all working out of state
Something seems fishy? You’re telling me 175,000 for each kid to have a bachelors degree?
@@Kermit46 probably went OUT of State and / or "Private" School.
johnny gladstone there may be some masters degrees or secondary education in here as well. Neither of them sound like they’re in do nothing first jobs.
benwhitnell both of those jobs are bachelor degrees. Now if they went to grad school after that is possible. It NASA never pays well. I’ve known 2 people who worked for them. They are usually contracted. And they get off not paying well because it’s “NASA”. NASA is a worthless organization.
$369,000 for two college degrees is CRAZY!!! To say college is just too expensive is an understatement.
Probably more than $369K because this is only the parent plus loan. The boys probably have their own loans as well and possibly got some kind of financial aid.
It's most likely because they either went to a private college or a college out of state. In -state public schools are no where this expensive
@@peekinghills2450 I was hoping Dave would ask where they went.
LilannB true. It is like they are trying to cripple people with debt.
@@paulpetrovich8779 I have come to believe that. I went to college in the 1980s. Attended a state school, my parents who were middle class paid for my college education and room and board. No student loans needed. As public colleges were affordable. Now people are saddled with in some cases hundreds of thousands in student loans. Loans that can not be discharged in bankruptcy. People can spend their youth paying this crippling debt.
This is why I dont agree with parents taking out loans for college. Especially single parents that have no other nest eggs. All it takes is for one of her sons to get engaged/ married and shes SOL
Um 😐 NO! I don’t co-sign for anything for anybody! Period! I don’t care who it is!
💯💯💯😂
I totally agree
Arlene Augusta 👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾
You got that right!💪. Periodt!
Arlene a PLUS loan is totally on the parents and not the student. The son's should've taken out the loans rather than a single mom. Mom didn't co-sign she took out the whole loan which she must qualify for.
I don't see it happening. If the boys meet girls and plan to get married they will walk away from this loan.
I think so too. I can hear the girls telling them "Well, it is your mama's fault she signed up for those loans. Not your problem"
@@LadyNYC211 I hope these two sons think better of their mother than to leave her holding the bag on a loan that GOT them the careers.
Exactly
To be honest, I'm not sure what kind of woman they're going to attract once they spill the beans that they owe their mom $100,000-$200,000 (loan + interest). Probably not going to attract a woman who is financially secure and has her life together, because who wants to enter into that and essentially take a huge step backwards?
I agree with you! It will happen. They might help her out but once they meet those girls they will probably use that money to plan a wedding or anything else than getting rid of Sally Mae. The 3 musketeers 😂
Yet another testament to why parents should not put their names on their kids’ loans. She didn’t say exactly what, but something about this arrangement isn’t working, or else she wouldn’t be calling. Somebody’s not keeping their end of the bargain. Or maybe they are sending her a little something, but they want to enjoy their newfound incomes, and the payment isn’t enough.
Sir We Are About to Die You’re absolutely right! I’m about to finish my PhD next summer and will have my own (manageable) student loans. We have a 16-year-old and have already said that we will NOT put ALL of us in a bind trying to finance her tuition. She’s a straight-A student and is capable of getting a full scholarship. I’m all for sending money and helping out along the way, but to pay for it all myself, no. I went on a full scholarship and knew not to ask my parents for a dime because I already knew they didn’t have it to give, and I couldn’t see myself being a financial burden to anybody. But they did what they could. Earning my own way gave me a sense of pride and made me invested in my own education.
WOW! My dad would not sign for my parent loan and I knew my mom couldn't afford it. So I looked for other options. Military was more than happy to help me.🤫... And that has been the best decision of my life.
Im a chief operator at a waste water plant make over 80k a year with a 2-3k raise every year and bonuses. Most degrees are worthless, some great. Don’t buy into the college bs.
That sounds fun, howd you find that job?
Awesome! I’m in a similar waste water position and make the same as a college dropout...
Jeff Bouche Started as summer help with the neighboring towns parker dept. Then went and did solar for a bit and decided to get back to that type of work it’s union and i just did well and got the highest license you can get turn 26 in january been here 3 years.
Park dept*
Whether a college degree career or not, one thing holds true: there can only be one dog at the top of the pile.
The reason the college dream is sold so easily is because every person under you wants what you have, but doesn't want to wait until you retire to fight over it.
I feel bad for the mom, but that Ramsey comment cracked me up about the handshake agreement between her and the rocket scientists...
70k for each is 140k. Borrowing 369k to make 140k is mucho dumbo...
😂😂😂😂
Good example of why it can be helpful to have a dad in the picture vs a single mom. A dad is much more likely to temper a decision like this with logic vs a single mom which often will run off of 100% emotion.
Hit the nail the head.
Amen
Hope women everywhere are out there listening in horror lol
Plenty of dads have called this show before, with the exact same problem.
What a troll!! Are you new here? Dad's call in all the time with the same issue. It's not a mom thing. It's being a parent thing. Idiot
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I can't imagine my own mom being in this situation and me not feeling an obligation to paying it off, or at least me being a major participant in paying it off. Of course, my value system began being shaped a long time ago in a galaxy far away (1940's-'60's).
one of the reasons I listen to Dave Ramsey is to keep my own problems in perspective. I was getting frustrated fitting new Venetian blinds and now I realize it's nothing to complain about.
WAYMENT MAMMA.. you sure they ain’t the janitors at NASA?? I live in Washington, DC , own two companies and pay more than that for an admin assistant! Something ain’t adding up!
My husband started out at nasa as an engineer. Their pay is not that great.
M C sound like you capping
"Moms and dads: do not repeat Donna's life!" 😂😂😂
Agreed! Unless parents have saved money towards kids college, kids pay for their own schooling.
@@bettysmith4527 I just feel like if you are going to be a grown adult that means taking responsibility for yourself. If you are going to take out student loans at least take them out in your name and don't make somebody else responsible.
Makes me feel less guilty about the $11,000 parent plus loan my Mom co-signed with me 😅
It shouldn’t. You’re still fools
Why does that make you feel better?
Yours looks downright tame in comparison, but I hope you are paying it off.
Wait until she tell's her son's they have to live like poppers for 3 years. Hello, hello son, are you still on the phone, hello, must be a bad connection!!!!
The sons ain’t gonna pay.
If they were she would be talkin to them instead of Dave
Tom Boyd Poppers? You meal paupers? Popoers sounds like drug dealers who would make more money.
Did nt they work at all during college?
It didn’t sound like it was clear that the sons knew they had to pay the loans. She said she talked to them before taking the loans saying they are the 3 musketeers and they are in this together which could easily be interpreted as “ everyone has to sacrifice at some point for one another so I’ll take this on and help you guys out because I’m a team player. We are the 3 musketeers after all “
Dave’s math on paying back loans is wrong literally every time. Making a $100,000 salary you’re not taking home $100,000 or anywhere near it.
The three of them need to be living in the same cheap college style apartment
Yes together they have the money
The math makes sense. Half goes to taxes. Live on nothing, and presto. Debt paid in 3 years
@@Omni-Man195 23k in taxes not 40k. how do yall come up with these numbers, and why is it 3k a month? plus its 3 of them earning a combined salary 220k so yes they can clear it up.
Interest Dave, interest
No way they pay this off in 3 years. Her kids will give her about $1k/month combined.
What's weird and troubling is that the 369 is a Parent Plus loan
What about their Staffird loans?
Parent Plus is precisely that - Plus
I can guarantee you there are other loans out there as well
I make 75,000 a year too... with a free high school diploma!😅
burton975 May I ask what do u do. Congratulations
meta morphosis thanks! I started out as a walk around contact security guard and got hired “in house” got a few promotions after that in the network security field. A little luck involved, but hard work and no complaining (especially when I was a contractor)
burton975 wow. I’m an educator w a masters. 12 yrs in and don’t make 75k😱
meta morphosis what a world we live in, huh? Pro baseball players that sit on the bench make millions while doctors are saving lives make a small fraction of that.
So do I but in 5 years they will be skunking us. Lol
As a person who makes right around 100k a year, i barely clear 4600 a month after taxes, retirement, and insurance. He loves using round numbers and simple math, but then you have things like state/local taxes, fica, insurance that all drain your 100k. Granted, i live in a state with reasonable tax rates (Missouri) and probably pay too much federal tax on my paychecks, but Dave needs to drink a bit of the realism kool-aid when it comes to wages
Right and all three of them live in different states. Not like they are all living together. Those boys will have an excuse every month as to why they can not pitch in.
Exactly and given that the boys don't even live in the same state as their mother...they will have their own living expenses plus they know that it's "not really" their debt. She won't see a dime
she’s netting $5000/month after taxes and healthcare etc. if she could spare $4k she’d never have needed all this debt. Total fantasy payment from Dave
patty109109 he meant 4K from all of them combined, not just her individually.
@@melissalowe8473 That would take them ten years. He really did think they could collectively come up with $12k/month. He always comes up with pie in the sky numbers achievable only if you can move into a cabin or live off roadkill.
Yup and an even more bigger fantasy thinking the boys will pay 4k a month. They don't even live on the same state as her. They have living expenses plus they are not actually saddled with the debt
Shame on the mom. She was an ADULT. These were two 17-year-old kids when they started with these loans with her telling them it was OK. Kids should be able to depend on their parents to steer them in the right direction and SCHOOL them on the reality of loans. Instead, she went into it with full knowledge and duper her teenage kids into thinking this was OK. Doesn't sound like she had any kind of deal with them, either. Just wishful thinking/rewriting history on her part. If she'd been honest with her kids about debt, they might have made other choices. Instead, they relied on her, and this is where they are. smh
That is why kids come with two parents - where is dad? Where is dad's share?
@@clarifyingquestions you don't have to support your adult children. Dad is smart enough to know that. He doesn't have a share.
@@Preservestlandry In Canada, the age of majority is 18 or 19 depending on which province you live. In the USA, it is not 17 years old. I repeat this is why kids come with two parents - where is dad? Are you the dad?
@@clarifyingquestions Dad split. Didn't you listen to the call? He didn't want anything to do with them. Not all kids come with two parents. Life isn't a damn Hallmark card.
@@danielrn133 Hon, calm down. Breathe.Where is dad. Obviously, if he didnt split he would be there too so no need to ask. Where is dad - send him his share of the bill:). Feel better soon, Hon.
My mom put me as an authorized user on her credit card when I was 17. By the time I turned 19 I qualified for my own credit card. I took care of my credit card so that by the time I was 21 my credit was stellar. When I was 23 and needed a student loan guess who DIDNT need a co-signer! Me! This is the best way a parent can help.
their saving grace is that they all have pretty good incomes
that's a horrifying amount of debt to pay but with their incomes (and both sons eventually going to be making even more in the future) it can be done
as long as they stay on the straight and narrow and not get into anymore debt(cars, credit cards, etc.)
Hope they ARE the best and help her with this debt🤷🏻♀️
She should consolidate the parent plus loans through the direct loan program and repay through ICR.
That's depressing. That's $46,125 per year, per son.
They could have went to an
in state school studying rocket science for a third of the price I'm sure
That's crazy she thinks it was worth it for 70k I made that when I was 23 as a high school dropout
It’s not their money so they don’t care.
It’s funny money so they don’t care.
When they realize, it will be way too late.
What colleges did they attend that cost that much? That's ridiculous!!!
"They landed well".
Only makes 65k😑
With 400k in loans they need to be Doctors.😬
How are dads not in the picture if they're not dead? My dad is not around, but he was financing half of everything and even did prison time for the part he didn't pay. Like, do you forget you made 2 kids? Moms (not always) are the nearest thing to a hero. I hope these son have a good head on their shoulders to see and appreciate her.
I don't blame him.
I got three certificates, one associates and one bachelors degree all for a total of $45,000. Parents paid $10,000, scholarships and grants paid approximately $15,000. And I worked 60 hours a week and paid the remaining $20,000. It’s the room and board and all this extra stuff in addition to tuition and fees like out of state school that are costing people a lot. Be smart about it!
That’s what happens when you spoil your kids and make them feel entitled
Exactly, she has never said "NO" to them.
Sadly the single mother "friend with her kids" dynamic is everywhere... Mom's with massive guilt that the father is absent and compensates with the word yes.
Exactly !!!
She's clearly overcompensating.
Those sons really need to step in, even if they live with mom about 3 years. I'm with Dave, they could knock all that debt out in under 3 years.
I have 2 coworkers (that I know of), who have $280k - $350k+ in SL’s partially because they took out PPL’s. I just told my mother yesterday I’m SO glad she didn’t take one out.
Sallie Mae interest rates really kill you. I feel her pain. 😖
how much is it?
Why would you sign up for a parent plus loan? That’s crazy
I also had to sign up for one....for my only son....who is attending college now. Sometimes?....as a parent?....there's no other alternative. But I have made home know, once he graduates and gets a job?...(and I'm not talking about Starbucks....I mean job centered around computers and programming.... which is what he's going to school for!) He will be paying ng this loan back. Not worried about him stiffing me, we are Christian men and we have honor. So it's not always about "why would you?..." It was the ONLY way for now.
@Natty Fatty Powerlifting Then the next time you hear from me.....I'll be living in a country that doesn't penalize student loan debt!....LoL!
To help ur children. I did it for my son $900. They approved me for something like $50,000. I told them....... h*ll NO!
This dear lady was only doing what a mother would do......May I add my son quit school a month later! @Frankiemom
@@eddieoconnor4466 Did you go through fasfa/scholarships/government subsidies loans first?
Eddie O'Connor you don’t have to be a Christian to pay back student loans. Religion is not the point. The point is that if you can’t afford to cash flow a degree go to a cheaper university. Community college or instate schools are great. Tech jobs are notorious for laying off ppl constantly. Dave advocates for saying no... say no to your kid if you can’t afford to pay cash for the degree. My dad made six figures and wouldn’t contribute a dime for my school. I graduated with a masters degree without him co-signing a parent plus loan. I’m glad I struggled because it built character. If your kid wants it bad enough they will succeed on their own. Don’t end up like this caller. Have some boundaries with your kid
Also there’s no way this is paid down in 3 years with all contributing. Realistically 7 years
Where is his Math wrong?
@Sir We Are About to Die ok so take 21% out. It doesn't double the length of projected payoff
These people don't each have $4k a month to contribute. They're only taking home 4k-5k a month each, there's a thing called taxes. They can each probably realistically contribute about $1500 a month. That's a 7 year payoff. Now if they are making $65-80k NET income, then yeah, they can pay it off in 3.
@Sir We Are About to Die he calculated projected income. Raises overtime and getting a second job.
With her income, she'd be lucky to be able to save $20k a year after taxes and living expenses. Even after 20 years, she would have $400k but the loan would have accrued so much interest over 20 years. She could NEVER pay this back on her own without the sons paying.
Where are they supposed to live and how are they supposed to survive if they are paying 4000 a month to student loans. That's Literally all of their take home pay. Taxes and insurance has to come out of their paychecks. Is there a way to get around paying for those things? Somebody enlighten me.
There is no way to get around it if you live in the States, and I wish Dave would start using net pay instead of gross pay to make his point. If this mom says to the boys that they owe $4K a month, and thats all they take home, the problem will get worse.
That isn't all of there take home pay! Between the three of them they probably take home around 8K after taxes if not more!
@@bettysmith4527 Dave didn't calculate 4k between the 3 of them he calculated 4k EACH. He immediately said "That's $48,000/yr" afterwards, and he said "$150,000/yr pays this off in 2 1/2yrs" meaning he took $48,000/yr x 3 for each of them.
Her sons need to pay their debt. Period.
It depends. Maybe she pushed them their whole life to go to an expensive college and drilled it into their heads. I have a feeling she told them don't worry about it and now she has regrets.
It is not their debt though
I am amazed at how financial literate people still are in this day and age considering how much financial knowledge there is? We have come a long way and it appears as though we have quite a ways to go.
My sister and I are assisting my mom with the parent plus loan. After all it was for our education, not hers. So I agree with Dave.
Entry level pay. Those kids better love their mama.
This mama is a nice lady. I think the kids will help. She's emotional because she was out of debt EXCEPT this beast. She just wants to be done. She just needs motivation.
Why would you do a parent plus loan if you r gonna ask your kids to pay it anyways
I will never ever sign on Parent plus loan no matter what. My teen will go to a college that I can afford period. Not committing financial suicide! Thanks Dave
The minimum payments on these loans will be between $1500 and $2,000 per month, that’s just to make interest payments! Wanna touch the principal? Double that! Her kids will be making payments on their kids parent plus loans when this dynasty of emotional basket cases implodes! What’s taking that doomsday meteor so long!!??!!
huh? 1% on 369k isn't even 4k a year.... are you ok?
@@carrd3971 where do you get 1%? Average student loan is interest is 7%.
@@JohnSmith-kr9zw this isn't a student loan.. this is a parent plus loan. you can look it up.
I love that he put hope back in her. I think she should play this call for her son's. I really hope they attack this and do debt free scream!
Wow, and I’m over here stressed over my $2k car loan that my mom co-signed on so I could re-build my credit😕 (my credit score is 730 now though!!)
Debt is a form of slavery for the borrower.
debt is just a tell tale sign of stupid.
They chose to sign the dotted line in this case
I hope they stick to their word
They ain’t gonna help her pay.
Not gonna happen.
I think that it is interesting that she takes solace that “they landed well”. This speaks to her incorrect thinking - that still exists in her own head. She needs a Total Money Makeover, very badly.
Uff with that much debt, I would be having a fever by now. Poor mom! I don't think her sons are going to be a lot of help. Once they fall in love and the girls get into their money, forget mom and the loans.
Those boys are going to step up they have a good mom.
I wouldn't let my parents take any parent plus loans while I was in college. My mom did co-sign for some since I didn't have any credit at the time but I pay the entire bill plus some. My loans are my responsibility. While I may not agree with Dave Ramsey on absolutely everything (I'm a liberal atheist), I respect his efforts to promote financial literacy.
Dave never counts after tax earnings. $100,000/year is more like $70,000 after taxes. If you need to pay $50,000/year to the student loan, you're gonna be living on $20,000 not 50,000/year. There's a $30,000 difference for EACH of them.
Wow and here I was freaking out about my 6,000 loan
yep. and this is why you don’t do something when you don’t have the money. you didn’t save for your kids college ? guess what. they don’t go until the money is there.
I would feel so uncomfortable taking out that large amount of a loan.
5:27 Why does he never account for interest when he does these calculations?
I didn't have a parent who could take out loans for me. And I ended up only $50k in debt. I am hoping her boys are dutiful and grateful. It sounds like they never got that broke student experience.
Those kids aren't even bringing home $4k a month after taxes 🤦♂️
You don't pile up $180K in debt for a bachelor's or even master's degree if you went to the local JC the first two years and then transferred to state U. Either the kids have a tremendous sense of entitlement or mom thought a cheap education wasn't good enough for them. Since she doesn't seem to have talked to them at all about the loan balances, I suspect it's the latter.
I took out about 20 K in parent plus loans aside from my 40K. My parents did not pay a cent and I'm student loan debt free as of 2 weeks ago at age 27.
We need the government to stop the student loan program
Kind of interesting this whole student loan debt situation is only putting a chokehold in America. Doesn’t seem to be affecting any other country and how they deal with debt in college.
Let's hope that she can get the kids on board.
Rocket scientist sons need to pay the loans off. Period.
$369,000 i’m dead 💀
UTTER MADNESS
Either they gonna be like men and take care of momma or ditch momma like what their poppa did
Eddie knows whats up lol
David DeVito exactly! She needs to save for her retirement, the two knuckleheads have a long way to go!
David DeVito legally no. She signed the contracts. This isn’t a co signing. It’s all in her name
Dave: Is there any handshake agreement between you and these rocket scientists that they're gonna repay any of this?
Debt mother: Aah, we talk about... (long winded answer) ..., SO THEY KNOW they need to pay it back.
So the answer to Dave's question is no. She called because the "adult" Musketeers are in no mood to help Mommy pay.
Dave should pay more attention to WHY people call instead of what they talk.
BINGO
she isn't kidding about the interest rate, when I took my sallie mae it was around 5%, I am about to graduate and I got an email from them saying it was now 11.5%
@Kevin Benedict I know, but at the time I was just picking the lowest number
I used to help people with this stuff for a living. Parent Plus are the worst. 8% interest. Regular loans are 4%-5%.
She needs to be in a forgiveness program. Its a 20 year program unless she works for a non profit or govt dept. Her payments will be based on her income and family size though. She makes $80k. But Daves advice is better if her sons will agree to $4000 a month!
The real culprits here are colleges that charge such an outrageous amount!!!
OR stupid people who chose overpriced private schools instead of state schools...
There are hotels and apartments that charge outrageous prices too. Difference is people are smart enough not to stay/rent there and they aren't getting government money, so either they go bankrupt or they lower their prices.
@@jordanneedscoffee Yep, and state universities get over 50% of their money from states, unlike businesses, who have to pay governments with taxes.
Parents have your kids go to junior college first for two years then transfer to four year university.
If they’re making $60,000 a year they can’t afford 4K a month to throw on this.... I like the idea but Idk how you could do that.
If they took his advice, this debt is gone by now.
She's wrong, student loans don't have compound interest
How do you spend 185k on an engineering degree? I'm in a reputable engineering program and it cost about 25k .
Go to an out of state Division I University and take the whole 5yrs to get the degree. Out of state at U of Tennessee or U of Minnesota or U of SoCal is gonna run you 10k/semester, 5 years is $100,000 total. Add to that room and board for 10yrs with minimal to no working and no scholarships, yeah 180k makes sense. You gotta do absolutely nothing that helps you financially to get there, but you'd be surprised how many 19yr olds dgaf.
@@jordanneedscoffee Well that's just dumb. If you're that bad at math and cost analysis you probably shouldn't be an engineer.
A country where becoming a rocket scientist is not a economically viable career is pretty much broken.
There is something more to this. I work for att and our summer interns made equivalent of $60k 20 years ago.
Those kids are making $100 k each easy.
I've never seen a guest on his show crying.
There have been a couple. One was a lawyer's wife who saw that her husband's loan balance was not going in the direction she thought it should.
I think they will pay that fairly easy... sounds like you got some great kids that is really successful.
Why are parents so afraid to tell their kids "no"?
I feel bad for her.I don’t think they will ever pay this off.
What do you do when your child who promised to help pay back the parent plus loans decide its more appealing to stop talking to you and pull away the grandchild rather than keep their promise?
Reduce their inheritance or cut them out of your will entirely, I guess. You break your word, you don't get anything.
I would love an update on this one.
Dave knows finance. Human nature....not to much.
The US Student loan bubble is crazy. Plus if the fed continues to cut interest rates as its been doing since July 2019; monthly loan payments will end up servicing mostly the interest on those loans rather than the principle
Thats not how that works...
I paid 8K just in interest per year
@@TopShot501st
And additionally they might have to refi and drop to a lower interest.