Use A Mortgage To Pay Off My Student Loans?

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 19 July 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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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.
0:06.8	My wife and I are in a bit of a situation. We have, both of us have student debt, student loans.
0:15.8	We have a credit card, and my dad has a parent plus loan.
0:22.8	Now, the education system hasn't really told us to what to do for a parent plus loan,
0:28.8	but we have been educated now.
0:31.2	So basically we're wondering if we can use a mortgage loan from buying my dad's property that he was going to give to us anyway
0:39.3	to pay off mine my wife student loans in addition to the parent plus loan that is on his credit plus you know a credit card
0:51.4	how much total debt do you have?
1:01.2	Total debt is around including the credit card would probably be 110.
1:03.1	110.
1:08.5	That's both student loans and the credit card, but not including the Parent Plus loan, which is in your dad's name. Including the Parent plus loan plus the mortgage that is on the current place that I have
1:14.1	right now, which is only about $23,000.
1:17.3	So you have a home right now?
1:19.7	No.
1:20.4	So it's your dad's place.
1:21.9	Yeah, I'm basically renting it from him.
1:24.2	The mortgage is all still in his name that I'm just paying it directly.
1:28.2	This feels all out of sorts. Okay. So the $23,000 left on the mortgage, you're living there.
1:33.3	You're essentially paying rent, which covers the mortgage, but you're paying it directly to the mortgage company?
1:38.8	Yeah. I mean, because it's only $460 a month. Okay. You can't rent for that.
1:43.1	And you're saying your dad wants to now sell you the house.
1:45.9	You would then take on a bigger mortgage in order to do so?
	...

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