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February 20, 2024
By
The Admiral Staff
A parent co-signed a student loan for their 18-year-old daughter who then dropped out of college and now has $20,000 in debt. The parent, living on Social Security Disability, is concerned about being held responsible for the loan payments. The advice given is that the parent will likely be liable as a co-signer, particularly since these are likely private loans. Suing the daughter is discouraged due to her lack of funds. Instead, the parent should
January 4, 2024
By
The Admiral Staff
A parent struggling with $18,000 in student loan debt co-signed for their 19-year-old college dropout daughter, who refuses to make minimum payments despite having a job. The financial advice columnist suggests requiring automatic transfers to the parent’s bank account as a condition of living at home, aiming to pay off the balance while the daughter resides with them. Other options include leveraging assets like a car, reminding the daughter of legal responsibility (if co-signed), exploring
October 31, 2023
By
The Admiral Staff
A couple facing retirement in six months is struggling with $190,000 in student loan debt. Experts suggest exploring options based on whether the loans are federal or private. Federal loan holders may benefit from income-driven repayment plans like income-contingent repayment, income-based repayment, PAYE, or REPAYE, which can significantly lower monthly payments and offer eventual forgiveness (though potential tax implications should be considered). If the debt is for children, the author suggests a difficult
June 12, 2023
By
The Admiral Staff
A 26-year-old earning $50k annually with $21k in student loan debt is weighing whether to pay off the debt entirely before moving out of their parents’ home. The article highlights the common struggle of young adults burdened by student loan debt and presents a mixed perspective on whether prioritizing debt repayment or independence is the better financial move, ultimately prompting readers to share their own opinions and experiences.
