Help with private student loans

coolguy40
Tue, 22 Aug 2023 15:37:52 +0000

If your son wants to study film with a pile of debt, that’s financial suicide, and your answer should be a hard no, for his own good.

Here’s what I told my daughter who is about your son’s age. You can major in anything you want, but you have to support yourself with it. And we’re not co-signing any additional debt. We gave her the option of having zero debt for the first 2 years if she lives here and goes to community college. If she so chooses, she can begin at a university and we can afford to pay the difference minus the student loan debt of $27,000…assuming it’s an in-state school or a private school with comparable financial aid.

My fear is that the debt mixed with the lack of job opportunity is putting him on a self-destructive path. You’re going to need to reign that in and say no.