My Parents Took A Loan Out For Me That They Can't Pay Off!

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5 жыл бұрын

My Parents Took A Loan Out For Me That They Can't Pay Off!
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Пікірлер: 321

@chrisstone5743 3 жыл бұрын

No payments in 12 years. No. No sympathy. This was deliberate negligence.

@samanthasmiles9112 4 жыл бұрын

The parents obviously had no intention of paying this loan off until they realized their social security was about to disapear... and now everyone is panicking that they borrowed $70,000 and had no intention of actually paying it. Dave is right, he can't retire.

@lynetteclay 3 жыл бұрын

How judgmental!

@sblijheid 2 жыл бұрын

I did notice that if you have 30K at least in interest, you never or hardly paid anything. This is irresponsible behavior.

@theirmom4723 2 жыл бұрын

Is it possible, she said, "oh dad, I will pay it back as soon as get a job?" something tells me, that is a good possibility.

@burntblonde2925 4 жыл бұрын

Don’t give the $500 directly to your parents! Pay directly to the loan!

@Tigersfan829 5 жыл бұрын

How can you just be like "well I'm 65 gonna retire lol" when you have a 72,000 dollar loan sitting there? Unreal.

@rigit23 4 жыл бұрын

I was thinking the same thing. "He is planning on retiring" LOL not anymore if you have $72,000 in debt

@skunkycatog 4 жыл бұрын

He gonna retire at 75 lol

@oliver18754oliverwarders 3 жыл бұрын

We all wish they knew better. We’re not being mean here, just speaking the truth. People have to take responsibility if they want an improved way of living.

@tmusa2002 2 жыл бұрын

They fully expect the daughter to pay.

@oneisnone7350 2 жыл бұрын

I’ve known family members who have done this. You have to realize people shut down when the prospects for paying this debt becomes “impossible”. And, the older you get, the less worth it it becomes.

@JustMe-dn9fh 4 жыл бұрын

Parents..... DO NOT take out student loans for your children!!! No.. !

@michaelcarter266 3 жыл бұрын

Yeah if I were do need a loan I knew my parents were not going to pay it.

@michaelcarter266 3 жыл бұрын

Thank god I never had to do a loan.

@sblijheid 2 жыл бұрын

The kids just need to sit down, look for a job a few years before going to college, throw the money in a 529 and then work part time in college. I just don't understand why people think loans are the holy grail. This is just ignorance and zero planning.

@ya472 2 жыл бұрын

If a student(person) really really wants something, they will find a way. Generous parents do not set their children up for success. They just set up success expectations. All my four kids found their own way, two have Master's degrees, and excel. The third enjoys her well-paid job, and the fourth is self-taught success. NONE want to move home. lol

@tjr4459 2 жыл бұрын

They had the opportunity to payoff 40K in loans during the prime working years of their lives, but they didn’t pay a dime. Now it’s 70K and he’s nearing retirement…smh

@donnalutheran6335 3 жыл бұрын

You would not believe the pressure some of these schools put on parents. In the 80s, our daughter chose an art school that was 25000 per year. My husband was out of work and this lady was at our house with all these papers filled out. Just sign here the conversation went. I told her I was making $5 per hour - how do you expect me to pay it back. This went back and forth multiple times before she finally got tired and left. Parents should not sign for these loans and children should not even ask them.

@Vydio 5 жыл бұрын

I am suspicious of these parents .... not a single payment in 12 years?

@ya472 4 жыл бұрын

I am thinking, the parents co-signed the loan with the hopes the daughter would take over the payments when she started getting an income. So, it wasn't their responsibility to make payments, and the daughter found a million excuses not to make payments, and the loan ballooned to $70 thousand. Still the daughter got married and took out a mortgage for their own house..... a LOT of mismanagement and shirking responsibility.

@Vydio 4 жыл бұрын

@@ya472 If you are co-signed on a loan it certainly is your responsibility to pay it. I co-signed on DH's HELOC, I paid it off.

@Preservestlandry 4 жыл бұрын

@@Vydio this was parent plus, it's the parents' loan, not co-signed.

@Vydio 4 жыл бұрын

@@Preservestlandry Why would they not pay a single payment in 12 years?

@BusArch42 3 жыл бұрын

Parent loans start being due immediately. They never made any payments while she was in college. That means they never intended to pay it. They blew it off thinking that they would never have to pay it. This happened to my husband. His dad to a parent plus loan out and my husband was also liable for it. He had no idea his dad wasn’t paying it. The worst part is that my husband gave the money from the loan to his dad and his dad gave him a car. He didn’t think he was buying the car from him and he would never have bought the car using loan money as he had a used car that was fine. The used car went to his dad. By the time he finished school the interest had really added up and it was a lot to pay off.

@nkyryry 5 жыл бұрын

Sounds like they were expecting her to pay it all along. 12 years and not a single payment made tells me they were never going to pay it. The answer to her question is her dads NOT retiring. You had no say in the loan so stop feeling responsible. Did he really ever expect to retire with that kind of debt? I mean isn’t it common knowledge that when you let debt sit it grows??? He’s not retiring. And that was the life he chose. Help them with it sure but stop talking about selling your house lol.

@Cassie00111 5 жыл бұрын

he lost his higher paying job

@sblijheid 2 жыл бұрын

@@Cassie00111 That's exactly the reason why loans are bad. You take out a loan today based on your income, which you might not have tomorrow. Then what?

@chrisstephens264 3 жыл бұрын

They had 12 years to figure this out.

@BouncyBrown Жыл бұрын

I can't believe the comments demonizing the daughter. The parents are the ones who took out a loan then refused to pay. Basically they're scammers.

@JK20239 5 жыл бұрын

how many times have we heard something like this. Take a ticket and wait in line...lol

@edbunting5125 5 жыл бұрын

This is why you don't do a loan for your kids. If you didn't prepare for their education then don't sign up for a loan for your kids.

@gene2u 5 жыл бұрын

Yes, they couldn't afford it, and unfortunately student loans are insidious, can't be discharged in bankruptcy

@Thundarr995 4 жыл бұрын

You don't need college to get a good job that you'll probably hate going to anyway. Or get a degree in something that you can't even find a job in. I don't have a degree and I do pretty good. My friend's daughter has a $60k in interior decorating. She's a 31yo barista. Someone should've sat her down and said no. Interior decoration degree is basically useless waste of money.

@sblijheid 2 жыл бұрын

Loans are bad. Just save in a 529 account for college when the baby's born. If the kid doesn't go to college, take your money back and pay your taxes over it. People just don't plan their lives and then they go ahead and set their children up for failure.

@wolfieno5471 2 жыл бұрын

My parents took out a loan under my name and I'm so angry that I'm paying it. They can't afford it.

@wanyinavybes421 5 жыл бұрын

Poor planning, poor decision making, wrong priorities and of course working too little. Comfort must come after hard work and sacrifice 😎

@sblijheid 2 жыл бұрын

It's amazing how they moved on to a mortgage but never paid off their student loans. They really don't know what priorities are.

@righand 5 жыл бұрын

Lot of people in this call not wanting to work, and a lot of poor decisions were made.

@DisabilityExams 5 жыл бұрын

None of them want to work.

@nicolcacola 5 жыл бұрын

I have RA. Not wanting to work and being able to work are two different things.

@annettecaitlyn1058 5 жыл бұрын

Nikki H You are correct in saying that!

@righand 5 жыл бұрын

Nikki H regardless of disability if you want to work, you will find work. If you don’t want to work, you will find a way not to work. Prime example... Stephen Hawking.

@nicolcacola 5 жыл бұрын

C Leh That's like saying because Stephan Hawking was disabled, and you are not, you should eventually be able to make as much as he does. Apples and oranges.

@Dailyfiver 2 жыл бұрын

I’m so happy that I paid cash for all of my community college and certifications.

@jhopkins213 5 жыл бұрын

Dad needs a reality check. 65 isn't the magical retirement age any more. If you have debt at 65 then you need to keep working!

@mbt9700 4 жыл бұрын

I have a dad that has the same mentality and it is JAW DROPPING. They're "owed" retirement, meanwhile making everyone else foot the bill.

@BouncyBrown Жыл бұрын

65 became the retirement age when people were lucky to live to 70. But like you said, some people still see it as this magical age when you don't have to work anymore.

@marshpartyof7tabitha25 5 жыл бұрын

She didn't like his answer 😂

@nolongerafan6228 5 жыл бұрын

She wanted him to give her an easy out to her situation.

@Vydio 5 жыл бұрын

It doesn't sound like there is an easy solution here. Sallie Mae wants her money.

@wmurray003 5 жыл бұрын

....there is no answer other than... "Pay it out of your own pocket."

@joycurtis1834 4 жыл бұрын

My daughter had her student loan, I had a parent plus loan. She graduated in 2013. We got everything paid off in 2018. We just socked as much money on it as we could each month. Dave's envelope system really paid off.

@wendyinegbenedo1307 Жыл бұрын

I am AMAZED that you people think the DAUGHTER is responsible for a loan in her PARENT'S NAMES that they NEVER paid on in 12 YEARS...the daughter WAS 17 YEARS OLD when THEY took out the FREAKING loan.......

@helenhilton2158 2 ай бұрын

Where do you get that? I keep hearing Dave say that her DAD needs to keep working to pay off this debt, and the daughter is NOT obligated to pay it. She just wants to help her parents with it out of the goodness of her heart, and Dave is supportive of her in that desire.

@DougAlesUSA 4 жыл бұрын

♦️I wish Dave Ramey would clarify that the callers Dad is not retiring. Retiring is something you choose to do after you have developed a income to meet your cost of living obligations without work income. This non-work income could be pensions, savings, investment positive cash flow, etc. *In this case, the callers Dad is NOT retiring, he’s quitting. There is a difference* The Dad needs to work. The Mom needs to work at a job she can perform with her aches and pains. So, find a job with low physical demands.

@pmbarro 3 жыл бұрын

Dave did say that.

@JenzJoe 4 жыл бұрын

That $40k was abt $350 a month with interest. Now it’s $72K and it can never be forgiven. Almost double.

@hiuwingcheung5097 5 жыл бұрын

Another typical example NOT to take student loans for your kids.

@JK20239 5 жыл бұрын

College is a scam. Lets first stop telling our kids to go, then everything will work out for good.

@mikenelson8377 5 жыл бұрын

Josh it’s a scam that people sign an AGREEMENT for 🤷🏼‍♂️

@GodsChild1159 5 жыл бұрын

Unless you are wealthy do not get student loans for kids or yourself. Help by saving for your own retirement so you don t rely on adult children in old age. College is no longer the road to success. Trades pay much more but tend to be physical so save and plan on retiring early.

@isidoramartinez6510 5 жыл бұрын

Hiu Wing Cheung not worth taking out loan for education.

@ya472 4 жыл бұрын

@@JK20239: College is NOT a scam. The SCAM is the student who has no goal, no idea what life is about, no clue about being responsible, and they go to school because it seems like the only option when leaving public school. The student takes classes to get the 'easiest degree' like in the Arts, and can't find any job except waitressing or gas station attendant.

@donaldrichey3318 3 жыл бұрын

I am amazed at the number of people who can’t work because they have an unidentifiable “pain”.

@sblijheid 2 жыл бұрын

It's more common than you think and the source of it is in the food. The food is deficient in all minerals and vitamins which causes a lot of diseases and inflammation. Once you switch to a whole foods diet, it magically goes away. It's so ridiculous.

@averagedude1986 5 жыл бұрын

I'm so thankful my parents payed for my education with cash.

@wmurray003 5 жыл бұрын

My parents did this with me. I am paying it, BUT they did initiate the loan and give me the impression that college was the only path to success.

@rich2583 5 жыл бұрын

glad I didn't go to college

@jackyrose304 5 жыл бұрын

I'd fake my death at this point.

@keenantv4086 4 жыл бұрын

Better Call Sal

@jilljohnson251 3 ай бұрын

The caller should only worry about the original 40k, NOT the interest & penalties!

@mayhem7455 4 жыл бұрын

You should feel burdened. Your parents took out a loan to benefit YOU. Now they can't pay it, YOU need to step up and pay it. You may not be responsible legally but you are responsible morally. There's even a question about this?!?

@chrisstaub5880 4 жыл бұрын

So, you're saying that everything parents do for their children is just a loan that the children are later expected to pay back to the parents? Can't say I agree with that.

@DVeck89 4 жыл бұрын

Some parents open a 529 when their child is born and contribute to that little by little for 18 years. By then it's more than enough to pay for college. Those parent don't expect to get paid back. Some parents don't plan ahead but then still want to help their kid with college so they take out a loan. Why should they expect to be paid back any more than the parents with a 529?

@sblijheid 2 жыл бұрын

Irrelevant. Parents want children and part of parenting is setting the children up for success in life and therefore pay for their education. If they didn't want the burden, they should not have had children. My mother once called me an ingrate because I didn't want to do something. She reminded me of all the things she did for me. I reminded her that I didn't asked to be born. She never did it again.

@mayhem7455 2 жыл бұрын

@@sblijheid sorry, I disagree. No parent is obligated to pay for a child's education. My grandfather refused to pay for my dad's so he put himself through college, and graduate school. The fact that he chose, and was able to, pay for mine was just that, a choice.

@Moue666 5 жыл бұрын

I find it amusing that Dave goes off only after they disconnect the caller and play the music. Well deserved roasting.

@mickyunit 5 жыл бұрын

Against Dave's advice. She's still desperate to help them? Sell everything. Have the Mom apply for social security disability. She'll prolly sell the house, slam the debt with equity. The husband will be unhappy. Parents will cohabitate with them in a new house to rebuild equity. SMH 🙄

@mickyunit 5 жыл бұрын

@@gumerzambrano wouldn't be surprised if they did.

@maryrenaud6732 5 жыл бұрын

Parent Plus loans can be consolidated into a federal direct loan by the parents; then eligible for ICR ...income contingent repayment, where they have to pay 20% of discretionary income toward the loan. At very low income, it seems probable payment would be zero as there will not be much discretionary income at $1800 per month gross income. Dave never provides these options but people need to look into what is best for their own family.

@theirmom4723 2 жыл бұрын

Wouldn't that be a form of defaulting on the loan? The loan was taken out when the income was greater than $1800 a month.

@flanker0761 5 жыл бұрын

Dave low-key telling this woman to wack her parents to make the loan disappear ☠️

@nestorguevara9799 5 жыл бұрын

😂

@Efferheim 5 жыл бұрын

I read this at exactly 06:37 and it was eerie.

@rossmacintosh5652 4 жыл бұрын

Dave Ramsey's Baby Step #8 - Do the Dirty Deeds 😲

@samanthasmiles9112 4 жыл бұрын

Lolol he was not! But that did make me laugh though. He was just saying your parents are closer to death than you are - so if you put the loan in your name (rather than keeping it under her parents name) then if and when they pass, the loan will live on for the rest of her life. Whether she pays off the loan or not, she needs to keep her name off of it. That's just smart. Doesnt make sense to remove the 65 year old and replace the person liable to a 25 year old. Bank would LOVE that. Lol

@yeseniagonzalez6831 3 жыл бұрын

lol 😂

@sunset6010 5 жыл бұрын

Split it 50 / 50 monthly

@InvestingHustler 5 жыл бұрын

I guess this is what happens with a bad educational system. A lot of this seems like common sense to me 🤔

@itchyisvegeta 4 жыл бұрын

I was listening to this for the first 3 minutes, until I realized it was an ad with Dave Ramsey plugging a 'Get a Will' service and had to "skip ad". Well played!

@user-dy2xu3uv8k 5 жыл бұрын

Crazy idea to think when you work hard your joints ache........since when was that a reason to not work. SERIOUSLY

@mickyunit 5 жыл бұрын

She didn't mention if her mother collects SSD? That's another bit of money they could throw at the loan

@kvmairforce 5 жыл бұрын

You never had severe disease obviously... so you can't really understand. It is one of those things in life that you actually experience to understand. One way to experience it, is to grab a small needle and poke yourself 12-hours straight, then you'll understand.

@karin0963 5 жыл бұрын

T until you see someone suffering EVERY day in from chronic pain or you experience it yourself, you should keep your opinions to yourself. Some people can't work at no fault of their own. Not because they're lazy, they are unreliable. Not know from one day to the next how bad it is. I see my husband struggle every day. He would LOVE to be able to work and help support us.

@karin0963 5 жыл бұрын

Sinbreaker absolutely!

@rimurutempest3204 5 жыл бұрын

Have you ever heard about fibromyalgia??? It can take years to be diagnosed, more than 200 symptoms from joint ache to ear buzzing to hair hurting and bloody gums, sensitive skin that you can barely hug your husband or children, depression, sight loss, earing loss... The main thing is joint pain. Many doctors do not consider it a disability, but it has made thousands unable to work.

@austinselleck9484 4 жыл бұрын

I have arthritis in my knees at 27 years old. Work a factory job. I don’t make excuses, I make a paycheck. This caller needs a little dose of “suckitup.”

@Preservestlandry 4 жыл бұрын

A little knee pain isn't really the same. You have no idea what other people go through, with your little knee.

@austinselleck9484 4 жыл бұрын

About to have surgery #3 in less than two years. I’d suggest not commenting on things you know nothing about.

@highhighbyebye 5 жыл бұрын

If the people who told you to take out the loan don't pay their bills don't take out the loan!

@rebeccashields9626 5 жыл бұрын

Imagine working until 65 and having nothing to show for it. Yikes people. Save save save! There’s no way that in 40 years there wasn’t one single thing they could cut back on. How awful to have to work so hard at that age.

@rossmacintosh5652 4 жыл бұрын

Notice that they never once addressed if the parents have any savings or retirement accounts. You and Dave seem to assume they don't but they might well have some they intend to for their retirement. If so they want it for themselves and not to pay off a debt.

@roxcyn 5 жыл бұрын

The loan needs to go into a hardship or income based replayment plan! Hello?

@Sasha32659 5 жыл бұрын

Plus loans don't qualify for that

@newmank0217 3 жыл бұрын

I understand some people don’t prepare for their kids college tuition. So if you have to take out a loan for your children’s education it has to be paid on right away and not wait until the child graduates.

@sherryobar5750 2 жыл бұрын

And some students/parents pay the interest each month so that doesn't keep adding up as they go through college!

@jaydubya9265 5 жыл бұрын

This student loan situation is not sustainable. And they need to bring the parents in to live with them.

@jeffkline9191 4 жыл бұрын

God bless this mess.

@onesmallworld1548 4 жыл бұрын

Where I am from there is no duty on parents to cover child's student education. I finished my degree part time, while working abroad and mow doing another degree. Never asked my parents for single money to pay for my education.

@Preservestlandry 4 жыл бұрын

There's no duty for parents to pay, but these parents chose to make a loan.

@ramonuy5567 4 жыл бұрын

Real bad Judgment !!!

@mikejackson7881 4 жыл бұрын

Parents need to move in with them in their house and what they were paying for rent goes to student loan....

@science5765 5 жыл бұрын

If I was all of them I would get on the job seeking web sites get a good resume and just keep applying and get a good job that sticks and try to pay it off

@sarrahwilson8149 5 жыл бұрын

That's so sad. She would have paid had she even known. Communication is important.

@dgcaz1 4 жыл бұрын

After 12 years don't you think she would have at least made an effort to pay her parents for the loan? I don't think that she had any intentions of paying her loan off either. I don't get it...how kids expect their parents to pay for EVERYTHING regarding college. This isn't the '50's people. Pay your own way.

@LeesaLilHop 4 жыл бұрын

Deborah Palmer the parents made a decision to take out a loan. Its their responsibility to pay for the loan they signed for

@Preservestlandry 4 жыл бұрын

@@dgcaz1 no I don't think that. I don't think most people pay back their parents for what the parents spent on them. And if the parents didn't want to pay her tuition, they could have just told her to get her own loans.

@arleneaugustahair8393 5 жыл бұрын

Normally, I would say that she should pay it but she didn’t even know about it. They should have had the loan deferred once things changed. This way it wouldn’t have gotten so high.

@garrettmesser3977 4 жыл бұрын

Arlene Augusta loan deferment doesn’t stop the interest from accruing. It only stops you from being required to make payments.

@heatherholliehaller 5 жыл бұрын

You pay the loan

@sidharthchand8072 5 жыл бұрын

This call is gonna be coming from one big happy life youtube channel in a couple years

@itsmakeke 5 жыл бұрын

I tried watching a couple of their videos and I could not stand it. They made a whole video about why they won't get married and the "hidden costs" of being married. I was like... I'm pretty sure your million in debt outweighs anything else.

@ryantyler44 5 жыл бұрын

sidharth chand I watched 2 of their videos and I couldn’t go on. They sound super ignorant.

@fuuhouhouji 5 жыл бұрын

Even if I'm a big fan of Dave I dont think the couple of one big happy will ever be this bad. They could do better and I dont agree in a lot of their ideas but at least they have a plan and are sticking to it. They have a positive network (that is a lot more than what the caller can said) and for me is obvious they dont wanna work in the private sector (some people are not cut for that kind of stress) so looking for a government funded debt forgiveness is their best bet. My biggest concern for them is 1. Government will not keep their part of the agreement and may noy forgive their student debt and 2. The mess they will be if they ever split. Specially Tasha because if he is smart he will not co-signed any of her daughter college debt. She put herself in a situation where he has most of the power and it just sounds dumb for me. If you are gonna have children on purpose with someone you marry him. Even if you are not a believer you created a contract with the person (marriage license). But still are more responsible than the average person so I dont think they will end like this

@oliver18754oliverwarders 3 жыл бұрын

Low income people should be denied loans honestly. This is for their own good. So they can down the line live better as they move up in jobs and income from having something to show for it as time progresses. Hard work is eventually incentivized even if people think it isn’t. Not trying to be mean here. People shouldn’t borrow for something if they can’t afford it.

@BW-ru8pt 5 жыл бұрын

Great

@youboobnameisbailey 4 күн бұрын

It hits hard. My son is looking at paying 5k/mo to pay off his bachelors and pay cash for the masters over the next 3 years. That’s about 60k in total.

@cutehumor 5 жыл бұрын

She is not going to do what Dave suggested. She is going to sell the house of 60k equity. If I were here husband, I would be mad about that. When they start garnishing his social security check, he will have to keep working past 65. Oh yeah, love the social security and irs tax refund garnishments! You don't get to go to school for free on the taxpayer dime, or my dime for that matter!

@tailorforeman7082 5 жыл бұрын

cutehumor amen brother

@flanker0761 5 жыл бұрын

Agreed man, no loans should be “forgivable.” Disallow Medicaid for drug addicts and alcoholics and put that money into infrastructure

@3DPT 5 жыл бұрын

Get on a graduated or extended grad payment plan and pay what you can above it. You can't transfer the loan, just pay toward it.

@dreamingbig5588 4 жыл бұрын

I'd sell the house and pay off the loan. So what if it's a parent plus loan, it was a loan for ME.

@ronnieking3848 3 жыл бұрын

I disagree with selling the house, her parents are probably going to end up staying with her. Better the money goes towards equity than rent.

@PInk77W1 5 жыл бұрын

Sell the house. Use the equity. Then pay the last $12K. Then buy a house later.

@polly3324 3 жыл бұрын

Not fair to her husband and children to deal with her parents financial problems , morality she could help her parents but not take their problem and dump on her own family

@tomsassurance 4 жыл бұрын

How do we not make a loan payment and keep our money? Dave, don't make me responsible and don't make them pay for a bill they insisted on paying. Now the Federal government is taking people based on skills and not degrees. Simple reason is many people have a degree that does not help them with any job skills.

@joylesstiger 4 жыл бұрын

If your parents can't pay for the loan they took out for your education then you need to pay for it. It sucks but unfortunately you don't get a free degree this time. She knew they were in financial trouble but couldn't be bothered to inquire about the huge loan they had taken out for her for 12 years? Time to grow up and pay your own bills kiddo.

@Preservestlandry 4 жыл бұрын

Sucks to be the parents because they absolutely gave her a free degree.

@a.h.2667 3 жыл бұрын

My current situation. I am focusing on paying the rest of my loans off next year then I'll help my mom out to pay off the rest of the parent loan. Fortunately, it's not nearly as much debt as this family and my mom has been making payments.

@SignedOff402 4 жыл бұрын

When I hit 18, my mother told me to either get a job or get married but I had to leave the home. Had my parents paid for my college, with my intellect such that I would have been a good student, I would have repaid them ten fold with an income substantially more than that which I ended up with. DAve never asked what her degrees were in but if she had not the education given to her, she’d be a trapped animal in a service industry job. I disagree with Dave.

@sblijheid 2 жыл бұрын

It's not like she's using the degree, so it's irrelevant to state what field it's in.

@lynnebucher6537 2 жыл бұрын

I was treated like you were. No encouragement to enroll in college because I was female. Ha, 3.5 years after graduation, I did enroll in college. Have managed to far exceed their paltry expectations.

@willieboy3011 4 жыл бұрын

People take out huge loans, ignore them, and then want to reitre (Dad) or not work at all (mom). What kind of world do they live in where irresponsible people like them expect responsible people like us (tacpayers) to pay off their loans? I feel for the daughter.

@sunshinelawfan7693 5 жыл бұрын

If the parents...pass away? This is part of the plan??

@rossmacintosh5652 4 жыл бұрын

Dave Ramsey's Baby Step #8 - Do the Dirty Deeds 😲

@kevinstevenson 3 жыл бұрын

Student loans die with the borrowers

@sunshinelawfan7693 3 жыл бұрын

Wait, what? The borrowers on a co-sign loan is every signee...right? The parents *and* the (now) 30-something 'student.' Check me if wrong.... 🤔

@drc3po 18 күн бұрын

The very concept of a "student loan" is completely absurd.

@sunshinelawfan7693 3 жыл бұрын

Have seen different facts about garnishment. It's 10% - 15% of SS checks - after a court order. Not great but not every dollar taken....

@queen.kristal8395 5 жыл бұрын

Sounds like she went to a school she could not afford.I would just shut up and pay for it myself.$40000 is a lot of money and $1000 is a lot of money.

@chrisstaub5880 4 жыл бұрын

So what if it's a school she couldn't afford? Nobody forced her parents to support her school choice, they are the ones who decided to do that. They easily could have just told her that they will only help pay if she goes a cheaper school. If they didn't, that's on them.

@pigbenis2812 3 жыл бұрын

My parents are never gonna recover from this financially.

@ldlbusta 5 жыл бұрын

I love Dave Ramsey, bit I really don't agree with this, they took the loan for her, she's young makes more$, and If she used the money she needs to pay it, or she shouldn't have agreed to receive it.

@dete503 4 жыл бұрын

ldlbusta it’s their responsibility whether you agree or not. They are the ones that applied and got the loan, not her. There was no agreement that she would pay it.

@Preservestlandry 4 жыл бұрын

They just let interest accrue for 12 years. She could have paid of the original $40k if they had just been honest with her & told her to get her own loans.

@taahdaah3813 5 жыл бұрын

She should have been started paying that loan back.

@MrsEJV 3 жыл бұрын

Social Security can be garnished at 15% but not if it will drop yearly income under $9000.

@bestly802 5 жыл бұрын

That attitude of "Well you agreed to pay for it so good luck on your own" is probably the #1 reason why some White parents usually kick their kids out the house when they turn 18. There is no family values here. If my parents took a loan out for me for $40k even though they said they would pay it off, as soon as I graduate I'm going to buckle up and help them. Cause I know things will change like with this caller's father who lost his high paying job. I would help pay it off a lot sooner cause it's the right thing to do. It would never get to the point where they would owe another $30k in interest.

@dwadholm1 5 жыл бұрын

Us that a common thing "white" parents do? I'm genuinely asking... Are you referring to large ethnic households where everyone lives together and pitches in?

@Brickswol 5 жыл бұрын

You lost any credibility you might have had, the moment you brought up race.

@Preservestlandry 4 жыл бұрын

Maybe they never told her they couldn't pay until the dad discovered he couldn't afford to retire. You're assuming they told her from the beginning.

@BusArch42 3 жыл бұрын

There is a limit to the amount that will be garnished. My MIL did this and never paid. She didn’t realize that they could come after her later. They need to file for medical exemption for the parents. That’s what I did for her and they ended up erasing the loan. Only 15% can be taken

@sblijheid 2 жыл бұрын

The mother has medical issues, not the father. He's still on the hook.

@BusArch42 2 жыл бұрын

@@sblijheid they can still file for medical if the dad has to retire to take care of her. The max they will garnish is 15%. Much like my MiL they make bad financial decisions. I agree that he should not retire though

@jasonjones8450 4 жыл бұрын

Her mother can be a Walmart greeter. All they do is sit down and greet people! Dad better get back into the work force.

@theirmom4723 2 жыл бұрын

and this is why.....you should never take out loans..also..I just gotta a feeling she was to pay the loan payment. They had a verbal agreement. Something tells me she stiffed her parents b/c their name was on the loan. Never co-sign or take a loan in your name for someone else.

@tammiecurrie930 5 жыл бұрын

This is a no brainer, the daughter should work to help pay this loan, and the mother needs to go to work, also it's interesting that she is helping pay her husband's student loan off but not the one that her parents created to help her! Dave is off on this one.

@edermitt 5 жыл бұрын

"her parents created to help her"...Parents don't "help" children if they put them in debt. With parents like that you don't need enemies.

@skeetmage 5 жыл бұрын

How do I call his show?

@jdb2002 5 жыл бұрын

Allen W The show is on starting at 2PM Eastern on weekdays, and you can watch it on KZfaq. Assuming it's a new episode, they'll give the number several times. You can try to get through while the show is on.

@oldmanwinter3597 3 жыл бұрын

Excuse after excuse after excuse.

@actuallyterry 2 жыл бұрын

College is not the be all and end all.

@twilde3754 4 жыл бұрын

Why would parents take out a loan to send their kids to college?? Would not be able to do it -- it's like co-signing on a car. NEVER!

@Preservestlandry 4 жыл бұрын

To pay her tuition, like a lot of parents do. It's not like cosigning a car. They didn't expect her to repay it.

@twilde3754 4 жыл бұрын

@@Preservestlandry Take out a 529 account years before they start school. It's gradual savings over the year, plus compound interest. No loans, no payback.

@outdoorsnevada4138 5 жыл бұрын

Sell the house. Can always get a new one later. Take care of your parents as that loan did help you as you stated

@lynnebucher6537 2 жыл бұрын

With today's rents, selling the house is not necessarily a best option. Might need to move parents in with them for a while till the loan is paid.

@markbrown5117 4 жыл бұрын

Lady, sell your house and get the equity back.

@sblijheid 2 жыл бұрын

Not useful. Make an apartment for parents in the basement and let the rent money go to the loan.

@harrykashouli9774 4 жыл бұрын

Dave when parents own parent-plus loans: "Stupid kids need to help their parents. Ungrateful arseholes!" Dave when kids own regular student loans: "Mommy and daddy should never help their arsehole kids!"

@rajbeekie7124 3 жыл бұрын

The father is not retired. He is unemployed. One only can claim retirement if their income exceed their expenses.

@gene8172 5 жыл бұрын

Whoever’s name is on the loan is responsible for it.

@yayyareaa2997 5 жыл бұрын

Dang sad story

@brentturner2602 5 жыл бұрын

Lyme disease is easily treated with antibiotics... Assuming the disease didn't go untreated for months there shouldn't be many issues and she should be getting back to work

@fhuber7507 4 жыл бұрын

They paid some or it would be about $ 95,000 at 12 years. But the math says they only made about 3 payments.

@miketheyunggod2534 3 жыл бұрын

If I had about ten years of life left, I would be taking out thousands and thousands of dollars in loans. I will be dead before anyone collects. Not. My. Problem.

@sblijheid 2 жыл бұрын

I hope you're not a Christian because such an act would definitely not get you to heaven. It's nothing but premeditated theft.

@curiouscat3384 13 күн бұрын

the sad thing is that both she and husband wasted all that money on degrees that are'nt making decent incomes

@camk6986 5 жыл бұрын

I love Dave but I'm not crazy about him saying "you aren't obligated to pay loans your parents took out." They did it for YOUR education. You should absolutely take responsibility as the adult benefactor to take over the loans if your parents can't afford them. That should ALWAYS have been in the back of your mind. Your parents have given you everything: food, water, shelter, safety. The least you can do is pay your way through college (or help pay it with them) when they can't.

@rossmacintosh5652 4 жыл бұрын

I agree the daughter should have paid (or borrowed) her own way through college. Parents should not take out loans to pay for their kids' educations! Help with your kids' educations only if you are able to do it without borrowing and messing up your own lives. Kids, if you can't afford college don't go! If you want college without paying the price vote in politicians who promise that to you.

@chrisstaub5880 4 жыл бұрын

These parents are not (as far as we know) innocent victims who were forced at gunpoint to take out loans. If they couldn't afford to pay for whatever college their daughter wanted to go to, they could have just said that she can either pay for it herself or go elsewhere. Instead they decided to take our loans to support their child's college choice. I do not believe that parents are in any way obligated to pay for their childrens' college, but when they do stuff like take out loans for that purpose, they have willingly chosen to accept that responsibility.

@Preservestlandry 4 жыл бұрын

I can't agree because they let the loan sit there doubling the balance. They should have done something, not expected their daughter to be benefactor paying off double the price.

@annhans3535 3 жыл бұрын

Because I bet when she was short of the money to pay her school fees and parents had to pay her loans she was there or in the know. Now she is coming across as if she didn't know. I bet she said, she would pay it but never did, thinking the parents would. Now that they are about to retire everything is coming to light. I don't agree with DAve about not paying the loan. She benefitted from the loan. She is the one who it was taken out for. Now she wants to pretend she didn't. If this was my daughter I would cut ties with her because she is an awful person. I took out plus loans for my kids....I told them it was their loans. They knew and agreed. Thank God they are good and decent people to pay back and is almost done paying for their loans. It's a terrible thing when you can't trust your own kids.

@chrisstaub5880 3 жыл бұрын

@@annhans3535 "She benefitted from the loan." So, you're saying one of two things: a) Children should be expected to pay back their parents for everything that was done for them. So, when/if I ever become a parent, i should keep track off all the money I spend on food for each of my children, or diapers, clothes, toys, Christmas presents, birthday presents, school activities, and so on. Then once that child has a job, I should hand them a bill for all this and say that they owe me back because they benefitted from it. b) Paying for college is somehow inherently different than anything else parents do for their children. It's fine for parents to assist their children in other ways, but any child who allows their parents to help pay for any part of their college, even if it was the parent who specifically promised that they would do so, is automatically "entitled" and "selfish". I would like to know which of these is what you meant, and the rationale behind it.

@gregc247 3 жыл бұрын

Cash out refi on the house, will be cheapest option

@dks13827 4 жыл бұрын

Why would anyone do that, you included ?

@PInk77W1 4 жыл бұрын

Sell the house in about 3 seconds

@rminitials 4 жыл бұрын

Went from roughly a 40k loan to 70k+? That's F'n disgusting. I understand those that borrow sign off on the agreement but FFS that's nearly twice what was originally owed.