please help bankruptcy questions

cptofthehouse
Sat, 30 Jul 2011 10:09:05 +0000

If the stepdaughter is just starting out, this is the best time since you can’t do this any sooner, to go over what the money situation is, and what all of your can afford in terms of a loan burden. Get out the calculators and do some sample numbers of how much you and DH, and your stepdaughter will have to repay on a monthly basis.

This may not be the best options for the young woman to make. As a stepmom, it is always shaky ground to be the one to make these pronouncements so the information should be presented very nicely, matter of factly and with understanding with no conclusions or opinions. Let them come to their own conclusions, but present the household budget situation as accurately as possible. Maximum Staffords come to about $30K if they are borrowed annually without the additional amounts a student can get if the parents are turned down for the PLUS. In the case of the denial, the additional amount is upwards to another $24K approx with accrued interest for a whopping total of over $50k over 4 years. Then if Dad borrows more, it really increases the ante.

Are there local options for the young lady? They may be more palatable financially and perhaps some sweetener like a car can be thrown into the mix.