Abby Connolly
“For those that don’t know, a Parent PLUS loan is a loan entirely signed by the parent, and the payment plan is based on the parent’s income,” she explained.
“When I was preparing for college at 17, no one ever really explained how these loans worked and I certainly didn’t understand that it would be something I would be paying off $800/month for essentially the rest of my adult life. To her credit, my mother told my father at the time not [to] sign for this loan. He [decided] to do it anyway. It is entirely in his name, and legally, he is not allowed to transfer it to me.”
She had every intention of paying the loan money back over the years. However, she refused to take out $100,000 at once, as it would financially impact the rest of her life, and she didn’t think her parents deserved to get off that easily.
However, she also is beginning to feel a bit guilty, as she appreciates and understands how much money her parents took out for her education. Still, signing the loan was her dad’s decision, not hers.
Now, she’s unsure what to do or how she can make things right with her parents.
What would you do if you were in her position?
You can read the original post on Reddit here.
