Jill on Money with Jill Schlesinger Saving Our Son From Student Loan Hell
Dec 18, 2024
A couple grapples with their son's overwhelming $96,000 student loan at a staggering 10% interest rate. They explore financial strategies to navigate high debt while supporting his education out of state. Following a job loss, they reconsider their retirement plans amidst rising expenses. The complexities of funding education and equitably supporting siblings surface, alongside discussions on refinancing options. The importance of family support and smart budgeting shines through as they aim for long-term financial stability.
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Son's Student Loan Situation
- Joe and Liz's son has significant student loan debt, exceeding typical debt-to-income ratios.
- He borrowed the money to attend an out-of-state school after not getting into their in-state option.
Other Children's College Experience
- Joe and Liz have three other children who successfully navigated college and are now independent.
- They initially advised their youngest son to be responsible for his loans.
Proposed Solution for Son's Loan
- Joe and Liz consider paying off their son's high-interest loan.
- They propose he pay them back at a lower interest rate, around 3%.