4.6 • 682 Ratings
🗓️ 17 August 2025
⏱️ 8 minutes
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0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
0:06.0 | I've been out of college for many years. I've paid off about $15,000, which was the entire loan that I was aware of. |
0:16.0 | And recently, my parents just informed me that they had taken out a loan to assist me going to college for about $13,000. |
0:25.6 | And they are now asking for me to be responsible of it. |
0:32.6 | So it's a parent plus loan. |
0:35.6 | Correct. |
0:36.5 | In their name. |
0:37.9 | Okay. |
0:38.3 | When they took it out, was there any discussion back in the day when you were in college? |
0:42.6 | No, I literally, I didn't know it existed. |
0:46.8 | You know, I thought, because they were very honest with me, you know, about college. |
0:52.7 | You know, I got FASA assistance. I got a lot of grants. |
0:58.1 | I only went to a four-year school for about two years. I went to a county college the first two years. |
1:05.9 | So I really thought that that was sort of it. I didn't really realize that they had taken out. |
1:13.3 | So they took out a loan and didn't tell you anything about it at all, |
1:18.7 | and yet they want you to be responsible for it? |
1:22.4 | Yeah, they're asking for responsibility or at least help or assistance with it yeah how many years ago |
1:29.3 | was this i i graduated about nine years ago so for a decade they've they've been making just |
1:38.1 | minimum payments on it well there's so on top of the 13 000 there, there's $4,000 accrued in interest. |
1:47.5 | So it's totaling out to around 17. |
1:50.6 | So they took out a loan and they didn't pay on it for a decade. |
1:55.8 | Well, there was a good portion of time with COVID forgiveness, I believe, that had disrupted it. Sure, but the balance has grown. |
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