Reply to Parent expecting me to pay back parent plus loan

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s a loan under her name. Paying 1000k monthly while I have other student loans plus my husbands loans + daycare is a lot. I’m mad because of the way she handled it. She could have sit down with us and explained the situation- instead I get a random text with the log in for the loan telling me to pay next month.[/quote]

You can be upset about how she asked, but those loans are for YOUR school.  YOU should pay them, not your mom.  Yes, daycare and your husband's loans are probably a lot.  Maybe you should have waited to have kids until all YOUR loans were paid.  [/quote]

They are not her loans. Not sure why you keep capitalizing the word your. Yelling doesn’t change reality. These loans aren’t hers.[/quote]
+1[/quote]

+2 Having one crazy poster repeating the same thing over and over doesn't make it so.  Not the OP's loan.  Not the OP's credit score. Not the OP's decision to take the loan.  Not the OP's responsibility.  
[/quote]

The OP likely knew the loans were taken to pay for college.

However, this is precisely why you should not take Parent loans for college.  Kid's need to attend a school that can be paid for with at most the federal STUDENT loans of $27K total for the 4 years. It's doable for most people.  Attend a state U, take the 5.5K/year loan, work summers and breaks (and if possible a 10-12 hour/week job while in school).  That gives the kid $15-20K.  Parents help with the rest.  Most states have places you can attend for under $30K (and that's a parental contribution of only $10-15K/year for a total of $40-60K)

Or you find a school that gives you merit/FA and costs less.  [/quote]

My kid is attending a state U and the tuition plus room and board is about 38 K. His is luckily a little cheaper due to housing than the other 4 in state schools he was accepted at but declined. The kid doesn’t get to pick their state for in state tuition.
[/quote]

But are there any schools in your state that are cheaper?   I'm going to bet there are.  So if you cannot afford 38K/year, you find one that is "affordable" to you with only the $5.5K fed student loans per year.  
I've lived in many states and every single one has several colleges at the $30K range still.  Both VA and MD have several schools that come in at/under $30K.   Or you search for a private/OOS school that gives your kid merit to bring cost down, if you cannot afford to help with the $38K.  There are ways to do it, it may not be the kid's top choice, but going into massive debt is not smart.

[/quote]

Not the PP, but there is more to consider when selecting a school than which is the "cheapest" option.  I didn't grow up in the DMV but where I grew up the cheapest state colleges tended to be junior or technical schools- which is great if that works for what you are wanting to study but it's not the answer for everyone.  I think PP's point is that even in-state universities have really gone up in price in many states.  $30k per year is a lot and families end up taking out loans to finance some of it.

I also think the school OP selected at 17/18 is kind of beside the point right now (and FWIW, maybe OP would have made a different decision if their parents had been more upfront about repayment expectations of a loan in their name that is designed for parents).  Her mom has some major financial issues and needs to sit down with someone to help her figure things out and set a realistic budget.  [/quote]

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