Loan repayment contract between parent and child

Paying for College
21

<p>I think the son needs to tell to his parents that formally committing to huge debt will affect his credit rating (whether it actually will or not) and disable him from financing a car, renting an apartment, etc., but that he will repay them to the extent he is reasonably able to do so.</p>

<p>I’m not buying the memory problems here. It seems highly unlikely that the parents placed such a huge financial obligation on the son, and the son accepted it, yet this was done so casually that memories are foggy and it never came up again until now. Someone is fibbing.</p>

22

<p>I disagree, MommaJ. If the parents said, “We expect you to pay us back” and the student said, “I understand” . . . what do you end up with four years later? A repayment contract with strict terms, or an agreement to repay if and when the student is able? Entirely possible that parents and student could have entirely different understandings of what their “agreement” was.</p>