How can I handle this student loan debt I took on for my kid?

Seeking Advice
1

I’m feeling really overwhelmed right now. When my kid was starting college, I decided to take out a Parent PLUS loan to help with tuition. I thought it was the right thing to do to support their education. Fast forward, they’ve graduated but can’t find a job that pays enough, and now I’m stuck with $60,000 in debt.

I’m already struggling with my own bills, and these payments are just too much to handle. I’ve tried looking into forgiveness or repayment options, but I’m not sure what’s available or where to start.

Has anyone been in a similar situation? Any advice on what I can do or where to turn would mean so much. Thank you in advance for your help.

2

Parent PLUS loans are tough to deal with. They can even take your Social Security or tax refunds if you don’t keep up with payments. It might be worth consulting a bankruptcy attorney to see what your options are, but student loans are generally hard to include in bankruptcy unless some recent changes apply to your case.

3

@Kim
Yeah, they’re nearly impossible to include in bankruptcy. Some people try paying loans with credit cards and then file bankruptcy, but that’s risky. Also, good luck finding a credit card company willing to front $60k.

4

A job is a job, even if it’s not ideal. Sometimes you just have to take what’s available.

5

Olin said:
A job is a job, even if it’s not ideal. Sometimes you just have to take what’s available.

Out of curiosity, did you cover the full tuition with the Parent PLUS loan, or does your kid have student loans in their name too?

6

Your kid should take whatever job they can get, even if it’s not enough right now. Any paycheck is better than none. They need to help you with this, even if it’s uncomfortable.

7

If you told your kid upfront that this loan was for their education, then they need to step up and help. Maybe they can move back home, pick up a server or bartending job, and help you pay it down. What degree did they graduate with?

8

@Teo
This is a good idea. Bartending or serving can bring in a decent amount of money. A friend of mine used to make $400 on a good weekend shift just in tips. It’s tough work, but the income is worth it.

9

@Jody
I second this. I used to make $700–800 a week as a waitress.

10

Quinlan said:
@Jody
I second this. I used to make $700–800 a week as a waitress.

Agreed. Working in restaurants can be a great side hustle. Your kid needs to start somewhere and help you with this loan. It’s not ideal, but it’s better than doing nothing.

11

@Teo
Unfortunately, Parent PLUS loans are fully the parent’s responsibility. The kid technically doesn’t have to pay anything unless you worked that out with them beforehand.

12

Can they get a regular job outside their field for now? My sister had to do that when she graduated, and it worked out eventually.

13

Don’t beat yourself up over this. You were trying to do the right thing for your kid.

14

Tell them to try a temp agency. I started at $11 an hour with tons of debt, and it was a step forward.

15

I work as a barback in downtown Nashville and make about $3,000 in tips on a good weekend. Your kid could try something like that.

16

Fresh out of college, it’s tough to land a high-paying job without experience. Your kid should take whatever they can get and work their way up. What’s their degree in? They could also consider internships while working part-time.

17

@Tennyson
Just a heads-up: Parent PLUS loans are entirely on the parent. The kid isn’t legally responsible for any part of it unless you had a prior agreement.

18

Can’t find a job? Or don’t want the jobs available? Tell them to start with Uber, DoorDash, or delivery services. They can help you pay this off, and it’s better than sitting around.

19

Nico said:
Can’t find a job? Or don’t want the jobs available? Tell them to start with Uber, DoorDash, or delivery services. They can help you pay this off, and it’s better than sitting around.

I once had an Uber driver whose dad bought her a BMW so she could have a job out of college. Some people just don’t get it.

20

If you consolidate the loan, you might qualify for an income-contingent repayment plan. After 20 years, any remaining balance could be forgiven under current policies. It’s worth looking into.