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The Ramsey Show Highlights

Let The Government Garnish My Dad's Paychecks?

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5840 Ratings

🗓️ 20 September 2024

⏱️ 4 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought to you by the Every Dollar app. Start budgeting for free today.

0:06.4

All right. Today's question comes from Ava in Rhode Island.

0:10.0

After my undergraduate studies, which I did on scholarships, I was accepted until law school.

0:15.1

I graduated under the impression that I had about $80,000 in student loan debt.

0:20.3

I didn't know that my parents also took out a parent plus loan or loans,

0:25.0

and they now say that I owe an additional $75,000.

0:29.1

I admit that that part is my fault, but when I was 18 years old,

0:33.2

is when they did this, and I didn't understand the ramifications of this type of loan.

0:41.3

I have opened a law practice in my hometown, which is small, so we only have two stoplights, so my income is very low.

0:45.3

My law license could be taken away if I default on student loan debt

0:49.3

and the monthly payment is about $800 just on the loans that I took out.

0:53.3

Should I allow my father's paycheck

0:55.9

to be garnished for his part of the debt, or should my husband and I buckle down and take it on

1:01.7

ourselves? Wow. Good night. Yikes. We're getting into the garnishing, so that means it sounds like

1:08.0

there's some tension and arguments about all of this.

1:11.9

So she didn't know her parents took out $75,000.

1:16.3

Yeah.

1:16.8

And we hear this a lot that either it's miscommunication or, you know, it's just done.

1:22.4

And there is no communication.

1:25.8

And then so, I mean, well, what's your take on the parent plus situation? What's your

1:30.1

take on what the parents owe versus her? Well, I mean, it was for her degree, but it's under their

1:35.1

name. I know. I mean, so. And they didn't tell her. Yeah. So do you have it? I just want to know

...

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