Going to community College for 2 years then transfer into a state school is a better option. My God this is a mess why aren't the kids helping?🤔
@kristen1225
4 жыл бұрын
Katrina Umana that’s what I did! It saves sooooo much money! The only thing to those who do this- know what you’re going to major in and where you will transfer to, so you can find out what classes will transfer over 🙂
@kabascoolr
4 жыл бұрын
This is exactly what I did! Thank God I learned about Dave Ramsey in High school. I went to a community college for 2 years, then transferred to a state-school for a B.S. in Electrical Engineering. Graduated with no debt. My first job after college with no experience paid more than $70K. I lived cheap (with roomates, lived like a college student) and saved 70% of my takehome pay. Went back to the same school (instate) and got my master's in the same field for less than $20K, and cashflowed it through money I saved. My job after graduation increased my initial salary by a lot more than $30K/year. Hence even after taxes, I recouped that money in one year. Not once was I asked where I did the first 2 years of college. During my master's application, they did not care that I started at a community college. They only cared that I did well for my B.S. I now work for a company linked to prestigious university, and not once did they care about that either.
@marticook5096
4 жыл бұрын
Katrina Umana exactly!! These kids should be helping their parents!!
@heidithaw1072
4 жыл бұрын
My nephew had a basketball scholarship and academic. He took the basketball at a community college and then transferred. Almost no debt.
@ErkFX
4 жыл бұрын
Katrina Umana The parents probably said they would take care of it and never made a written agreement with them saying they would need to help pay it off. The kids might not even know about the debt.
@sagepirotess6312
4 жыл бұрын
Biggest prob with mom. She didn't tell her kids no, or choose a different school.
@RandomUserName92840
4 жыл бұрын
She failed as a parent by refusing to help guide her offspring. It sucks. Use it as a learning moment.
@edgehodl4832
4 жыл бұрын
@@RandomUserName92840 I'm sorry, but going into 217k debt just cause she cant say no to her kids is not helping, its irresponsible. If u dont have money, tell ur kids to go to community college and then cheap state school. This is ridiculous
@jeanlenor1858
4 жыл бұрын
American moms don't say "no" to their kids. No wonder we have so many kids in jail and many abortions.
@ChrisInvests
4 жыл бұрын
You can hear the pain in her voice 😬 Getting this figured out will take a weight off her shoulders.
@verysmarteducation
4 жыл бұрын
Why aren't the kids paying back the loans for THEIR education?
@verysmarteducation
4 жыл бұрын
@@rickwalker5203 please Google "what is a parent student loan". It "lets parents borrow money to cover the cost not already covered by the student's financial aid package". So the loan is for the student and the student should have the ethical responsibility to pay it back.
@luisa1473
4 жыл бұрын
Because the son does not inherit the sins of the father. Parents here have full agency. If you sign on the line, you do the time. Besides they were the adults - they should have known better! Gross ignorance to assume that deferring payments means you get 0% interest for 6 years. That's so ridiculous and plain negligent. Kids are lucky to have survived such clueless parents.
@rickwalker5203
4 жыл бұрын
MoneyOnlineStepByStep dot com In your own words, “It let’s the parents borrow money”, as I said it’s the parent’s loan and problem! Like I said!
@linhaton4957
4 жыл бұрын
Dave always forgets about the taxes.
@charliestephens1113
4 жыл бұрын
I completely agree but she’s also not taking any accountability and just brushing the loan to the side like it doesn’t exist and trying to pay it over as long of a period as possible.
@charliestephens1113
4 жыл бұрын
David DeVito That’s fair enough but at the same time before you take out finance out for $80k you should always speak to others or at least do some level of research.
@ChristoherWGray
4 жыл бұрын
Conveniently And it's very disingenuous
@MissJ000
4 жыл бұрын
And where are these adult kids of hers ??
@ErkFX
4 жыл бұрын
MissPuglife If I understand parent plus loans correctly, the wife and her husband borrowed the money for their kids to go to college and not the kids taking out loans in their names. With that being said, it sounds like the parents said “oh no kids don’t worry, we’ve got this.” and they didn’t make a written agreement that the kids would help pay it off. Now they’re trying to figure out how to pay it off without causing issues with the kids because they thought their parents could afford it and they didn’t agree to paying for any of it. I’d hate to ask my kids for money when I made the stupid choice of going in debt for them and not coming to an agreement that they would pay it back. Dave always says to make agreements in writing. Oh and the kids are probably working at McDonalds now. 🤦🏻♂️
@eamcbmsc
4 жыл бұрын
MissPuglife it sounds like the kids also have student loan
@katv3116
4 жыл бұрын
Im sweating over my 5k tuition, i know its small but im doing this WITHOUT taking out student loans, working full time and going to school full time (packing in all my classes to get my money's worth)
@user-td7xf3gz4l
4 жыл бұрын
@David DeVito grad school is overrated and unnecessary for most
@kinndylodz
4 жыл бұрын
I did the same!
@mphomolapo1562
4 жыл бұрын
@David DeVito *Broad but not untrue.* A psychology major, pre-med, and maybe pre-law need grad school.. the rest (majority?) of us don't and have fine fruitful lives 🤷♀
@claireborges7637
4 жыл бұрын
What’s wrong with taking a few thousand dollars in loans? You get interest free federal loans from the government, which is completely worth it. It will let you out more attention towards your classes
@ktsterlin9304
2 жыл бұрын
I’ve been going through all of these videos on Parent Plus loans and he says the same thing. If the parents took the loan with the expectation of paying it, then they need to pay it. I do believe that the parents can talk with the kids about it without forcing it back on them. Most kids will try to pay something to help the parents move quicker through this. (I say kids knowing they are adults now but you get the point)
@edb484
4 жыл бұрын
Kids should pay their own college unless their parents are millionaires. I had to get it out the mud and pay for myself. This type of call is regular on the show
@michelarosier1918
4 жыл бұрын
I totally agree, I pay my way getting my A.A., now I'm still paying my way getting my B.S degree. I'm almost done by next year 4 more left I'm done🙏🏼🎉🙌🏽.
@edb484
4 жыл бұрын
C B Nothing wrong with them having to learn hard work. I don’t have kids but definitely would expect them to have skin in the game and be working. Not raising any trust fund kids!!! They can easily pay for community college and have money saved for University just like I did. The kids would be lazy not the parent if you ask me
@jollysue6726
4 жыл бұрын
Any why aren’t the kids an option to help pay back their loans
@cutehumor
4 жыл бұрын
it's called the parent plus loan. parents dumb enough to sign for it.
@jollysue6726
4 жыл бұрын
cutehumor 😂😂😂
@mle011
4 жыл бұрын
It sounds like the deal at the time of the loans being taken out was “mom and dad will pay for your education”, so the parents need to follow through on their word, and cover the loan payments themselves. If at the time the loans were taken out, it was “mom and dad will take these loans out, but you (the kids) are responsible for paying them back”, then yes the kids should contribute and pay them back. But it would be totally unfair for the parents to go back on their word and make the kids pay for the loans.
@jollysue6726
4 жыл бұрын
mle011 I’m sorry but i completely disagree. The mother is clearly unable to work bc of her medical issue. So, it’s ok for the parents to suffer and the kids enjoy their care free lives..that’s selfish and unacceptable. They won’t have money for retirement
@MsPants1632
4 жыл бұрын
mle011 you sound entitled.. glad you’re not my kid !!
@missaida44
4 жыл бұрын
The kids should help pay that back- it’s not fair to rob your parents of a worry free retirement 😪
@Dr.C_Stag
4 жыл бұрын
Ida Dee right??? It’s the kids freaking education. Where are they?
@mle011
4 жыл бұрын
Her kids have no obligation to pay her back. If the deal at the time the loans were taken out was “mom and dad will pay for your education” then the parents need to follow through with their promise and pay for their education. It doesn’t sound like it was ever “mom and dad will take out these loans, and then you will pay them back/we will all pay them back together”. Totally unfair for the kids, if the parents were to go back on their word and all of a sudden tell the kids that they’re responsible for the loans.
@Dr.C_Stag
4 жыл бұрын
mle011 Very much disagree. It’s YOUR education and regardless of the “agreement”, if those kids had an ounce of self respect, they would at they very least help their parents pay off the loans to the best of their ability.
@MsPants1632
4 жыл бұрын
C C I couldn’t agree more! These kids are gonna sit by with their degrees and new careers and not offer to help their aging parents pay off their education?! They must not have any morals... ugh
@ImVeryBrad
4 жыл бұрын
save the day they are born. thats what im doing and its easy :D
@romelljeremiah
4 жыл бұрын
There’s nothing “plus” about these parent loans
@osmanrayyan
4 жыл бұрын
I have a co worker who is a truck driver, single no kids, makes about $1400 a week take home pay and he is saving his money to pay cash for HVAC school... and I admire him soooo much for that
@SylvanSage
4 жыл бұрын
This is not going to work. God Bless this women. This couple does not have the capacity to do what Dave Recommends.
@nicholaszoelle6510
4 жыл бұрын
Caller: 'blah blah PARENT PLUS LOAN' Dave: 'Oh No!' Haha those words trigger Dave
@LilannB
4 жыл бұрын
I believe these student loans are being used to create debt slaves. Unlike most other kinds of debt, student loans can not be discharged in bankruptcy. So if you owe $80,000 dollars you have to pay that amount with interest. Paying $603/month for 30 years is outrageous. What is interesting is that as recently as the 1980s a middle class family could cash flow a college education at a state school. No student loans required. All of this debt for middle class families appears to be by design.
@zainabomer7511
4 жыл бұрын
Sooo... where are those well educated kids at?
@illegalalien6542
4 жыл бұрын
Starbucks 🤣🤣🤣🤣😋🤣🤣
@chrisstaub5880
3 жыл бұрын
Probably working on paying off their own student loans that were mentioned at the beginning of the call.
@NickPeitsch
4 жыл бұрын
I have never heard of parent plus loans! Don’t think they exist here in Canada
@thedude5040
4 жыл бұрын
Parent plus loans are loans from the department of education aka from the USA federal government
@DisabilityExams
4 жыл бұрын
There's this thing called "Google".
@SensSword
4 жыл бұрын
She's terrible with money and refuses to work. If someone in a wheelchair can work and collect a paycheck, what's her excuse? She's driving her family and marriage full-speed off a cliff.
@QueenStylin
4 жыл бұрын
Exactly.
@vickiesanford5505
4 жыл бұрын
timmd909 laziness
@marcdonvito6485
4 жыл бұрын
Yes, she ought to be able to do office work: typing, clerical, spreadsheets, viewgraphs.
@dominicankid1001
4 жыл бұрын
I'm super glad that i never got into more than 20k on debt
@briannacc3983
4 жыл бұрын
I would treat this 80k debt as an expensive car payment. Most cars are financed for 60-72 months. Comes to about $1,200 a month to wipe out this debacle. The wife can get a part time job to help. Best of luck
@chrisstaub5880
4 жыл бұрын
Whenever I see these videos about parents taking out loans for their childrens' college, I am amazed by the number of people in the comments who think that children should be expected to pay for their parents' mistakes. Yes, the purpose of the loans is for the childrens' education, but the parents are still the ones who supported their decisions (including, in many cases, wanting to go to a more expensive college than needed) and signed for the loans. If the parents are having difficulty paying back the loans due to reduction of income or whatever other reason, well that's something they should have considered before agreeing to take out loans in the first place. Besides, having trouble paying back loans because "circumstances change" or "life happens" is one of the main risks with any kind of debt in general.
@CurlyStruggles
4 жыл бұрын
I'm almost done paying off the parent + loan my dad took out for me
@mdi395
3 жыл бұрын
Was in the same exact boat, friend!! Refinanced it into my own name and paid off that stupid Parent Plus during the pandemic relief. Best of luck to you and your dad!
@djee02
4 жыл бұрын
An engineer in his 50s making 77k doesn't sound right to me.
@thedude5040
4 жыл бұрын
Yes it does. Probably not a degreed engineer. This kind of pay is for a tech who earned the promotion of engineer
@pseudorealityisreal
4 жыл бұрын
Why?
@marcdonvito6485
4 жыл бұрын
@@thedude5040 Yes, the way she talked it sounded like he was not a degree'd engineer. Lots of industrial companies use the title "engineer" for more experienced senior workers. When I worked with customers, we learned to ask exactly what training and experience the workers had when installing our systems into their operations.
@jayrider2726
4 жыл бұрын
Are parent plus loan optional or forced into parents? I always thought that students were responsible for their student loans.🤔
@chrisstaub5880
4 жыл бұрын
They're optional, there's nothing forcing parents to sign for them. They choose to take them on, often because they just don't want to tell their kids "No, you can't go to that expensive private college, we can only afford a public state school."
@jerseynurse6878
4 жыл бұрын
The kids can help and they should’ve worked during college, some people make such dumb decisions.
@tmusa2002
3 жыл бұрын
Kids need to kick in too.
@the_handro
4 жыл бұрын
I'm actually quite surprised that Dave never brought up the kids and their incomes after college to try to pay off these loans.I can't even imagine having my parents go through something like this over and education that I chose to pursue.
@chrisstaub5880
4 жыл бұрын
Why should they, the parents were the ones who chose to take out the loans. Children shouldn't be saddled with responsibility for their parents' poor decisions. If they want to help out, that's great, but they certainly don't have to.
@ecclairmayo4153
7 ай бұрын
He knows legally it's the parents loan
@alberoDiSpazio
4 жыл бұрын
I think she confused Deferment with Forbearance.
@JK20239
4 жыл бұрын
Engineer making 77k,small shovel. His income should be 100k.. 80k after taxes, tossing 40k into the loans. Done
@sami-9233
4 жыл бұрын
His employer car manufacturing is struggling unlikely with the same company
@johnnastrom9400
4 жыл бұрын
80K after taxes on 100K? Like Dave, you greatly underestimate what people pay in taxes. I make a little over that and I take home way less that 80K.
@JK20239
4 жыл бұрын
@@johnnastrom9400 you are correct. It's about 74k. They can throw 30k at the debt, living on 44k. Heck, 20k would make it 4 years.
@arleneaugustahair8393
4 жыл бұрын
I didn’t sign anything for my kids. Period! I never ever will! I don’t even co-sign things with my own husband.
@edgehodl4832
4 жыл бұрын
I agree, this school loan epidemic needs to stop in USA, this will force college to drop prices, people like caller only endorse prices to go up
@GamingTaylor
4 жыл бұрын
Caller: "I don't work, and I'm in debt"
@edgehodl4832
4 жыл бұрын
"We make 77k" became "my husband make 77k and I just sit at home"
@cutehumor
4 жыл бұрын
Dave blames the student loan industry. I blame the dumb parents for taking out the loans. You should have told your kids to go into the US military to get the GI bill. You don't want your kids to get blown up in the middle east? tell them to work full time and go to school. If you ain't got the grades, you got to pay.
@noncustody
4 жыл бұрын
Exactly what I did, went to cummmunity college then transferred and my GI Bill paid for most of my tuition. My kids will get free in state tuition due to my VA disability classification.
@MrMrMayday
4 жыл бұрын
This is why student loans need to be treated like every other kind of loan. Can the applicant afford it? If not, don't give it. If the lender still gives it, then the loan can be bankruptable.
@jeffmorse5599
4 жыл бұрын
informed my kids there would be no cosigning. Parents who risk their retirement for their kids college are fools.
@lydialukes522
4 жыл бұрын
I am wondering if this is the title that goes with this video because no where on the video do they talk about the debt being more than $80k
@Bae_mackx
4 жыл бұрын
Lydia Lukes she was saying that’s how much it would be if they did the 30 year plan (interest )
@mle011
4 жыл бұрын
Yes they do- the 30 year repayment plan would be $600/month, or a total of $217,000 in payments.
@lydialukes522
4 жыл бұрын
I must have missed that part of the video. I heard her talking about how she would be in her 80s after the 30 year plan and Dave rattling off some numbers to get it paid off faster. And didn't hear how much it would cost them if it did take them 30 years.
@tmusa2002
3 жыл бұрын
Another reason to not take a parent loan: You are getting older. You do not know what your ability to work will be in your senior years. You need to be saving for retirement instead.
@Waterbender72
4 жыл бұрын
3 year plan at 30k a year sounds more realistic but ok...
@GamingTaylor
4 жыл бұрын
The goal is to achieve the impossible, and that way you stay on path to complete the realistic plan.
@DisabilityExams
4 жыл бұрын
It's a really bad idea to go into debt in your 50s and 60s.
@JustMe-dn9fh
4 жыл бұрын
Bad advice Dave. These people need to have a retirement savings for themselves. Leaving the loans to tge kids who benefited from the education!
@chrisstaub5880
4 жыл бұрын
If that's a problem, they should never have signed for the loans in the first place. Also, if your rationale for the kids to pay them back is "they benefitted from it", does that mean they also owe their parents for all the Christmas presents they ever got, or the food that their parents bought over the years? Are parents just not allowed to give gifts to their children?
@JustMe-dn9fh
4 жыл бұрын
Why take out loans for 80,000. When you have $70,000 income?
@chaxologist2024
Жыл бұрын
4:29
@domodepiano
4 жыл бұрын
Kiddos need to pay min on theirs and give momma all extra $$$ to pay it down the plus its theirs too
@rchavez5056
4 жыл бұрын
The kids should step up and help pay it back.
@chrisstaub5880
3 жыл бұрын
They aren't obligated to, it was the parents' choice to sign for the loans. Besides, the children have their own loans as well which they are presumably working on paying first, as they should.
@rchavez5056
3 жыл бұрын
@@chrisstaub5880 Your right they are not obligated. They should help pay them back since the benefited from the loans.
@chrisstaub5880
3 жыл бұрын
@@rchavez5056 It doesn't matter who "benefited" from the loans, it was the parents who signed for them. Do you also think you should be expected to pay back your parents for all the birthday gifts they gave you because you "benefited" from them?
@adambouchater80
4 жыл бұрын
Why don't let the kids pay it back or just help paying it down.
@chrisstaub5880
3 жыл бұрын
It's not their loans, they were taken out by the parents. Plus, the kids have their own student loans as well.
@jayrider2726
4 жыл бұрын
30 year Walmart plan as a greeter will pay something rather than nothing.
@Affordableframe
4 жыл бұрын
Was it Forest Gump who said, “Stupid is as Stupid does........”
@jayrider2726
4 жыл бұрын
86 year's old LoL that's INSANE.
@rockintherae
4 жыл бұрын
Those kids need to pay half.
@AnnMitt
4 жыл бұрын
Why aren't the kids paying at least half? WTH?
@chrisstaub5880
4 жыл бұрын
It's not their loans. The parents chose to take out these loans.
@ccsmith2937
4 жыл бұрын
She should teach English online to Asian kids. 👍🇺🇸
@MistahFen
4 жыл бұрын
All that money into the kids education so the kids can hopefully be making lots of money... and the 53 and 68 year old parents are still stuck with the $80k bill? What did the kids major in, underwater basket weaving with a salary of $13 an hour out of college?
@yamamancha
4 жыл бұрын
This is debt slavery at its finest. It's important to note here, they didn't take out $80k in loans. More like $55k. $55k divided by 2 kids divided by 4 years is $6900 year/kid = $575 month or $1050/month for both kids. At the time, it probably seemed doable enough. But at some point someone planted the seed that they could/should defer, paying nothing on a 7% loan for 6 years! But a 6-yr deferment at 7% results in over $20k in interest over 6 years. Interest. The reason the world is poor. So what solution has the lender provided? An even longer repayment period piling on even interest. Like Sisyphus on the mountain slope. This family made every mistake possible. 1. Went to a school they couldn't afford. 2. Took on debt with no understanding of the terms or consequences. 3. Chose to delay payment while incurring interest. 4. Aren't involving kids in problem resolution. Dave needs to do the segments: "Just say no: Don't condemn you parents to poverty and don't condemn yourself to poverty for your kids' college education.
@chrisstaub5880
3 жыл бұрын
To address point #4 - children should not be held responsible for their parents' poor decisions. Yes, they may have wanted to attend an expensive school, but the parents did sign off on that by agreeing to take out loans. Also, the caller says that her children took out their own student loans, which they maxed out, which is why she was told about Parent PLUS loans in the first place. Presumably the children aren't involved in their parents' financial mess because they're busy paying off their own loans right now. Well, either that or they're just lazy bums doing nothing, but there's nothing in the call to really indicate one way or the other.
@cutehumor
4 жыл бұрын
She sounds like she won't pay the student loans. too bad. Your IRS refunds and social security checks will be garnished, if you don't pay up!
@TooHonest4_You
4 жыл бұрын
Nope the kids need to step up and help.
@chrisstaub5880
4 жыл бұрын
Unless they make an agreement with their parents to do so, they aren't obligated to do anything.
@brenbuchler94
4 жыл бұрын
Why was the math not done before taking on the loans..... smh
@rlopez2626
4 жыл бұрын
Take a personal loan, payoff the Parent Plus, then Bankrupt. End of story.
@ImVeryBrad
4 жыл бұрын
HAHAHA
@humbletobeforgiven1753
4 жыл бұрын
Where are these children for whom THESE loans were used for? So entitle.
@chrisstaub5880
3 жыл бұрын
Apparently you missed the part where the children took out their own student loans as well. Besides, they didn't force their parents to sign for the Parent PLUS loans, that was the parents' choice.
@SavingsMinusDebt
3 жыл бұрын
The economy favors those who trust mathematics.
@tyeweatherbe5970
4 жыл бұрын
Why do parents feel the need to pay for their kids to go to college? If it's what they want they need to be as FOCUSED, as he's telling the parents to be, to pay for and make the grade to get scholarship and grants. OR, Get switch jobs and get employed at a college so their kids can go for next to nothing, which the kids can bank roll. Simple. But her crying about paying off those debts shouldn't be happening. Why aren't the kids helping? Crazy to me.
@chrisstaub5880
3 жыл бұрын
Well, she chose to take out the loans, so her kids aren't responsible for them. Besides, she said at the beginning that the kids have their own student loans.
@rockintherae
4 жыл бұрын
OMG shame on those kids
@chrisstaub5880
3 жыл бұрын
The kids didn't force their parents to take out these loans. It was the parents' choice to sign for them, so it's their problem. Besides that, the caller specifically said the kids have their own student loans as well, which they are presumably paying on.
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