My dad is "making" me pay off his $57,000 loan

[Armando Gutierrez]

So basically, my dad said he would take out loans for my bachelor's degree ONLY IF promised to pay them off.

 

I feel like I'm probably going to pay them off for him like I promised... But I wanted to get your guys' opinion.

 

Part of me says

"I promised him that I would pay it, so that's what I'm going to do.... even if they are not legally in my name"

 

Another part of me says

"What kind of parent indoctrinates their child that you have to get a college degree or else you're a loser...and then when it comes time to go to college, neglect to provide any financial advice or guidance"

 

The loans under his name amount to $57k with around 7% interest...On top of that, I have about $20k in my name

 

I know I'm just bitter and obviously slightly regret my decision. But ya.

Btw, I only slightly regret my decision because I found my wife in college, and in many ways I feel like she saved my life.

 

What do you think?

 

Edited April 24, 2023 by Armando Gutierrez

[thepixelmonk]

Before you agreed, you had the right to do whatever you wanted. Like you said, if your parent is trying to force some sort of indoctrination on you or whatever, you are completely free to refuse and move on to make your own choices. But you already promised to pay him back, and he already lost his 57k on the condition he would get it back. At this point it's your fault for not simply being forthright at the start.

[integral]

With the student load dept crises i don't even consider an education in a for-profit school a realistic option, its better to do your degree online for free and no one will know the difference. What degree are you in? 

Edited April 24, 2023 by integral

[Armando Gutierrez]

@integral  Sorry for the confusion, I graduated in 2020 from a public school

[Armando Gutierrez]

@Armando Gutierrez  The indoctrination about college started when I was probably around 7 or so. You make it sound like it's easy to 'refuse' indoctrination from your parents. I was taught that's just how the world is, and though "why would my parents lie to me?"...

 

And my dad did not "lose" $57k... it's a loan... which he signed. I am in no way legally responsible for the loan. Student loans are on pause for now until COVID.

[integral]

1 hour ago, Armando Gutierrez said:

@integral  Sorry for the confusion, I graduated in 2020 from a public school

Ah ok all good, so whats the problem?

What are your current expensive did you take out a mortgage to buy a house with your wife? 

If your living expenses are low you can pay off your loan is less then a year if you salary is over 70k.

Don't fall for the trap of raising your living expenses as you make more money. 

Watch video and calculate your liability's, assets, expenses and income.

---

BTW 7% interest is EXTREMELY BAD. Pay that off ASAP. That's compound interest, So every year you pay 4k that then contributes to the next years interest so you'll be like 5k on the second year. 

Edited April 25, 2023 by integral

[universe]

How is your relationship with your parents?

[hyruga]

Dont take it. The education loan is very high. 

But to be fair, I also paid off my own loan. My loan is like 24k + 40k degree + +

[Michael569]

Sounds like a pretty messed up situation. I wouldn't do it, if it doesn't work out, you won't hear the end of it. If it does work out, he will dangle it in front of your eyes each time he needs a favour from you. 

Tbh I'd probably figure out how to pay the education myself. Maybe get a job, earn some money and try again in couple years. There is actually higher value in getting your degree once you are older and more experienced in life, in general. Go get some experience and make some money. Some companies may even contribute to your tuition, there is lots of different benefits out there they offer these days. 

Oh and, separate yourself form your dad as much as you can. Sounds like he has pretty screwed up perception of money, you don't want to be part of that 

EDIT: oh wait, you already finished the school and now he wants it back?

Edited April 26, 2023 by Michael569

[thepixelmonk]

2 hours ago, Michael569 said:

EDIT: oh wait, you already finished the school and now he wants it back?

Yes, he already agreed to pay it back and he already finished school. He just doesn't want to pay lol.

[Bando]

Weird situation 7% is high intrest for student loans their usually around 3-4%, honestly the damage is done, there could have been ways to reduce the total 57k price by scholarships, not dorming and taking advantage of government programs if you qualify.

The real question is what does your finances look like? Hopefully you got your degree in something employable if so discussing your finances with your dad, coming to a comprise would probably be a good option, id say talk with him about splitting the debt right down the middle and see where it goes from there

[Basman]

In my opinion, putting that sort of financial pressure between family members is asking for trouble. It seems like it already has strained your relationship with your dad. If parents offer money for your degree, it is better to go the whole way and just pay off the entire degree instead of these half-measures that lead to long-term complication.

Ah well.

It is best to pay of the loan. Like the previous posters have said, paying it off in a year or two is probably wise. That interest is mighty. I don't know what it is like in your country, but perhaps you are viable for interest delition or any other measures for low-income folks.

[Roy]

On 4/24/2023 at 11:22 AM, Armando Gutierrez said:

What do you think?

The loan is under HIS name, which means HE is taking on the credit risk if something goes wrong. Of course you ought to pay it off, especially if it's something to help build your future and you got a good degree from it.

There should be a fire under your ass to pay it off.

[vindicated erudite]

I would thank your dad for taking the loans even if you don't want to go down that career path. 

Based on my assumptions your second name is Argentinian which adds a lot of context to the situation. Argentinians inflation problems are making the situation is making the issue very hard for you. 

I assume the $57,000 total loan payment is in Argentinean pesos. In that case I recommend that you work abroad to pay off those debts. If this is true I recommend that you use Linkedin to find relevant jobs for you in different countries or just search online for job schemes that will accept you. Here's a guide for working in the US as an Argentinean.

Please correct me if I've gotten anything wrong here.