This is a tough situation, and I’m sorry you’re dealing with it. Your story is a reminder for other parents to be cautious with Parent PLUS loans. It’s not always clear how risky they are until you’re stuck with the debt. Your intentions were good, and I hope things get better for you.
@Zyan
This is good advice. My dad couldn’t pay for college but helped me build good credit instead. That’s made a huge difference in my life.
Look into an income-contingent repayment plan, and tell your kid to take any job they can find for now.
Can you refinance the loan for better terms? That might give you some breathing room.
Your kid needs to step up and help you with this loan. You did a good thing for them, but now it’s their turn to take some responsibility.
They should move back home and pick up a serving or bartending job. They could help pay this off in a year or so.
Your adult child should be living with you and working on paying this off with you. Sit down and create a budget together.
Both you and your kid might need to pick up second jobs for a while. It’ll be tough, but it’s the best way to dig out of this.
In some countries, students are responsible for their loans, and payments are automatically deducted from their income. Maybe you could work out a similar deal with your kid to help pay this off.
Have you considered refinancing? It might help with lower monthly payments.