They Borrowed $40K To Pay For Their Children’s College. 20 Years Of Payments Later, They Owe $100K

Millions of Americans owe money to the federal government after taking out Parent Plus loans to pay for their children’s college. The program was supposed to help middle-class families afford school, but many parents now continue to struggle with the debt.
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They Borrowed $40K To Pay For Their Children’s College. 20 Years Of Payments Later, They Owe $100K


Author: phillyfinestnews


33 thoughts on “They Borrowed $40K To Pay For Their Children’s College. 20 Years Of Payments Later, They Owe $100K

  1. These parents are amazing and completely generous for taking out a PLUS loan for their children, but what surprises me is that they didn't give their grown children the log-in for the Great Lakes account. My parents took out a PLUS loan for me several years ago and made it clear to me that I would be paying it back, even if it was in their name, because it was MY education. But nonetheless, I hope something is done about this and the interest rate is lowered. I want to pay it off quickly.

  2. The suffering and pain of I Putu Aris Artha Wiguna life by never talking intimately with friends for 10 years makes it equal with the right to be friends with Karunia Pradnya Sari.

  3. Tell your grown kids to find a way on their own accord to go to college and you will help them but never take out a loan. There are many ways a person can get through college without gutting out their parent's lives.

  4. So he borrowed money, paid nothing on it, and he's now crying about it? Twenty years.

    Why don't people just go ahead and admit to being losers.

  5. (1) Did your kids graduate ?
    (2) What are their degrees ?
    Explain why your kids are stickin you with the debt.
    They should be working three jobs each and delivering pizza on weekends.
    Shame on them !

  6. I got a student loan so I could go to book keeping school in 1989. It was a one year business vocational program with a job placement guarantee. One year later I had my diploma and a 4.0 gpa and updated my resume and went job hunting. That is when I found out that my diploma was worthless. One prospective employer informed me that the school I attended was only one step above a diploma mill. The job placement guarantee was worthless as the fine print said that you had to go on every interview they sent you to. But they would schedule you for three interviews a day an hour apart in three different states and none of them had even heard of my school let alone had an appointment for an interview. It turned out the school was a scam. It went out of business six months later and burned all the student records so I couldn't even verify that I went there. But I still owed $3000 and was still making minimum wage and couldn't get a better job. So I got a loan repayment deferment and went to another school and attended class there full time for a year. Then on the third semester, on the day of first classes, after they had my student loan check in their hands, they closed the campus and told me I had to attend school at their next closest campus which was 60 miles away and impossible for me to get to. So I attempted to withdraw but they kept the student loan money and so I owed for those three semesters which came to another $9000 in student loans. I still had no valid degree nor diploma nor certificate that I could put on my resume, I was in debt to the amount of $12,000 and the only work I could get for the next ten years was minimum wage jobs. I attempted to make some payments to the bank but they told me I had to pay the minimum amount or my loans would be in default. That minimum amount was $300 a month. After paying basic survival expenses I was left with about $150 a month. I sent them checks for that amount and those were returned unredeemed and I was informed a few months later that I was in default and had to pay the balance of my student loans + interest. That was around 1991. Since then the interest has piled up. In 1996 I got a better job and had my wages garnished. But when I left that job I discovered that I owed all the more than I did before I started and according to the dept. of Education they got not a single cent from wage garnishment. A collection agency had contracted with the dept. of Education to collect the debt and 100% of the amount the collection agency garnished from my wages went to their fees and not one cent of it was ever applied to my loan or interest. Now I owe over $200,000 in student loans. That exceeds all the money I could possibly earn from two full time jobs for the rest of my life. The interest alone is double my current gross income. I'm 60 years old and I will never be able to collect Social Security because of this. The entire student loan process is contrived by the government to enslave people for life.


  7. The loans themselves are a problem since the cannot be discharged.

    The parents should not have taken out the loans. But children should not be paying off their parents loans unless they are transferred to their own name.

    If a 40k loan balloons into a 100k loan, it is not the child’s fault and it is not under their control.

  8. 1st-federal gov student loans should not exceed 2% fixed.
    2nd–if parents can't afford college the student should go to a community college for 3 years and be working.
    3rd–if the student gets B grades and better AND knows what they want to major in THEN they can go to college……………….2 years.
    4th–if they then need to Master a 3% fixed loan can be secured.

  9. I hope you don't think any of this will change under a Biden administration. Democrats are notorious for not keeping campaign promises. Don't get your hopes up on Medicare for all, either. If you want an education, educate yourself. The internet is a trough of material.

  10. The longer you MORONS wait to BREAK the REAL Story, (Dominion Computers) the WORSE YOU ARE GONNA LOOK TO THE PUBLIC, People will NEVER Believe you again, look at CNN being sold, IT WILL HAPPEN TO YOU ALL ! !

  11. I'm sorry they got in this situation but I don't understand how or why they did. I was married with two pre-school age children when I started college. My wife worked full time for barely more than minimum wage and I worked nights and sometimes two jobs and attended college part time. It took seven years but when I got my degree we did not owe a penny. We did not have help from any relatives and most of the time we didn't even need day care for our kids as I took care of them while my wife worked. Study was hard but I had a goal. For someone to borrow money they know they can't pay back is inexcusable. How about the kids that got the education? Do they pay anything on the loans? How can four working people (the parents and the two college graduates) not be able to pay that loan? Unless they live in poverty, there is no excuse. What sacrifice have they made to pay the loan? 20 years ago the interest on a home loan was more than the 7% they pay on the loan. Did they buy a house or do they still rent? How about the kids with the degrees? Do they work for more than minimum wage? I'm sure if you look at their total income, they make enough to pay the loans. Otherwise, what good was the college degrees? $40,000 for four people is only $10,000 each. Of course when the kids got the degrees, they would have owed around $52K, or $13,000 each. That is less than a car payment that could have been paid off in less than five years. The only way to accrue $120K would be to pay less than $2800 the first year, or if they waited to graduate, less than $3600. That is less than $100 per month for each of them. Just that little amount would keep the total less than $50,000 today. Over 20 years would have been $2500 in principle so add another 150 and the loan would be paid off. In other words, if each of the four paid less than $250 per month, they wouldn't owe a dime and would have had the loan paid for in five years. Should the taxpayers take up the slack because these people won't prioritize their debt?

  12. I believe that corporate America has been very laxed in collectively helping to support education. To busy avoiding their tax obligation. Instead they should have been contributing more to funding an educated workforce and Equitable Society. Pehaps when they do, we'll stop hearing the whining from them, that they can't find qualified employees. Americans of all Stripes for generations have given their's and their children's Blood Sweat and Tears so that the American capitalistic system has been able to thrive in a non-threatening and free economic environment. I believe that gratitude is the very least they can show in four areas Education, Health, Infrastructure and a wage that allows growth to any individual who applies themselves honestly no matter where on the path of life they are.

    Just praying for your sins to be forgiven, and saying the name of Jesus at the end of your prayer will not make your sins that are red as scarlet be white as snow. In this time of disaster and pandemic like COVID-19 Fathe God is calling you now to come before His Word, and be guided into all Truth through the Spirit of Truth, and truly wash away your sins.

  14. The loan scheme which sees these parents owe more than they borrowed is by design. Those loans are purposely given to families who cannot afford to pay back the loans leaving them in perpetual debt, which satisfies no one… except the lenders

  15. This is horrible. Let's look at Sweden where kids get help for higher education. And yes, I am a Progressive/Social Democrat working for real answers for our country.

  16. Why would any government do that to its citizens? Don't you want the best and the brightest? Also, that woman should not be letting her parents solely pay for her education!

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