BONUS call: Student Loans
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 7 November 2017
⏱️ 7 minutes
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Summary
On the latest BONUS call it's Ralph from Missouri who may win the 2017 Father of the Year Award! Being the nice guy that he is, Ralph wanted to know the pros and cons of helping his daughter pay off a student loan. So nice! Have a finance question? We want to hear from you! Email us at askjill@betteroffpodcast.com and we'll arrange to get you on. Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating or review in iTunes. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ https://soundcloud.com/jill-schlesinger http://www.stitcher.com/podcast/jill-on-money http://betteroffpodcast.com/ https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2
Transcript
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| 0:00.0 | Welcome to the Better Off bonus call of the week. |
| 0:06.1 | We are sponsored by Betterment, the largest independent online financial advisor. |
| 0:11.7 | You know, I love talking to the amazing guests that we have every single week, but maybe more than anything else, I really like our conversations with you, with our listeners, |
| 0:22.9 | people who have questions about anything going on in their financial lives. If you would like |
| 0:28.5 | a little bit of a second opinion, or maybe you just got something that's going on in your life |
| 0:33.5 | and you want to know how can you actually make sense of it and how you can put your |
| 0:37.8 | best foot forward financially just send us an email ask jill at betteroffpodcast.com |
| 0:43.9 | ask jill at betteroffpodcast.com today we've got ralph from missouri on the line hello ralph |
| 0:50.4 | welcome to better off what can we do for you I have four children, and I've helped pay for |
| 0:56.4 | their college expenses, but one of them had to take out a college loan, and I just wanted your |
| 1:03.7 | advice if there's any negatives on if I pay off that college loan. I'm not a co-signer, so it just |
| 1:10.8 | be because the college loan totals around $ a co-signer. Um, so it just be because, uh, the college loan |
| 1:12.6 | totals around 25,000 and if she pays off, uh, which she's been doing monthly payments for about |
| 1:18.5 | a year now, it's going to take until about 20, 25. And by that time, it's going to be an extra 10,000 |
| 1:24.1 | in interest. So I was wondering in your comments, first of all, if there's any |
| 1:28.1 | negatives penalties for doing that, I don't believe there is. |
| 1:31.6 | No. |
| 1:33.1 | Anything else you had to say about that? |
| 1:35.0 | Well, okay. So, I mean, first of all, you are so generous, and that's a wonderful |
| 1:40.2 | thing to do as a parent if you can afford it. And I'm presuming that you can afford this |
| 1:47.3 | because otherwise, you know, you wouldn't be offering. There is no prepayment penalty either with |
| 1:52.8 | federal or private student loans. So that's a good thing. Would you pay it off and have her pay |
... |
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