• Go to page :
  • 1 2
  • Text Only
Voting History
rated:
My parents have owned/lived in the same house for the last 19 years. They started with a 30 year fixed at 6 percent but did a 2nd loan at which is now at 8 percent 8 years ago. If we sold the house, maybe we'd break even.

All 3 children are in school with independent debt:
1. Me - 200k in 2nd year grad - work 15 hours-20 hours + full time dual degree school (haven't taken money since 2003 from parents)
2. 80k in 1st year grad (has just become independent last year, works 10 hours a week)
3. 10k in 5th year undergrad (takes money from parents)

The problem is our house is falling apart. It is a small 1200sqft home made in the 40s and there has always been something more urgent to pay for than maintenance of the house. At this point I am just dismayed at the living quality they are in, and am concerned with their safety. Our city does offer a government 25k loan but my parents make too much to qualify. They currently pay 3600$ a month for their 1st mortgage + 2nd loan. On top of that theres car insurance, 1 car payment, 1 parent loan payment, utilities, and helping out the undergraduate college kid. Even though my parents make 90k a year, they're still always borrowing money from relatives for this and that. They don't spend money on anything lavish or luxurious. It seems to be that 6-7 years of putting their kids through college + mortgage/loan problems have made their house = shit condition. I know they have been irresponsible fiscally, but they have always put their children first.

Suggested By You All so Far:

1. Inspection of Home
2. See if refinancing is option (not sure if 5% with fair credit is possible), or if its better just to sell and move away
3. Create a budget with parents
4. Talk to youngest sibling
5. Get 2nd job

Thanks

Member Summary
Most Recent Posts
I went to school in southern California and it never ceased to amaze me how many people would borrow more to have their ... (more)

powellm (Mar. 02, 2010 @ 9:26p) |

In second year of grad school means that OP is more than 4 years (best outcome) from being able to enter the medical fie... (more)

xarien (Mar. 03, 2010 @ 1:32a) |

^why more than 4 years?

Basically if you think johnny's advice of quiting med school and finding a job (in this economy n... (more)

nycll (Mar. 03, 2010 @ 6:41p) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
Thanks for visiting FatWallet.com. Join for free to remove this ad.

First thing that I would look into is refi of mortgage. Current rates are ~5% vs 6 and 8% they are paying, also stretching the term to a new 30 year would likely drop payments by 50-75% which would provide relief . Then after kids out of school\ house repaired they could pay 2-3x the new payment(similar to old payment) to get loan paid off quickly.

acco331 said: My parents have owned/lived in the same house for the last 19 years. They started with a 30 year fixed at 6 percent but did a 2nd loan at which is now at 8 percent 8 years ago. If we sold the house, maybe we'd break even.

All 3 children are in school with debt:
1. Me - 200k in 2nd year grad - residency after
2. 80k in 1st year grad
3. 10k in 5th year undergrad

The problem is our house is falling apart. It is a home made in the 50s and there has always been something more urgent to pay for than maintenance of the house. At this point I am just dismayed at the living quality they are in, and am concerned with their safety. Here's a quick list:

1. Electrical Problems - I was shocked to see the wire housing crumble in my hands when I installed a fixture earlier this year, could be dangerous if the wiring in the whole house is the same.

2. Leaks/Hole in ceiling - 3 weeks ago a longtime leak led to the collapse of a ceiling

3. Lack of heating.cooling - central air/heating unit broke years ago - estimate 7k to replace

4. pluming pressure problems

5. havent checked for abestos, ever.

6. havent had termite/rodent inspection


Our city does offer a government 25k loan but my parents make too much to qualify. They currently pay 3600$ a month for their 1st mortgage + 2nd loan. On top of that theres car insurance, 1 car payment, 1 parent loan payment, utilities, and helping out the undergraduate college kid. Even though my parents make 90k a year, they're still always borrowing money from relatives for this and that. They don't spend money on anything lavish or luxurious. It seems to be that 6-7 years of putting their kids through college + mortgage/loan problems have made their house = shit condition.


So, I guess my question is, other than selling the property and crossing fingers that they would break even, do they have any other options? Are there any financial advisors that specialize in helping struggling parents like mine get their finances straight and possibly combine their loans under a government program? The problem is, their credit is not very good (no bankruptcies, but not good at all with several negative late payments, few paid collections etc).

Thanks for reading and your time!


First drop the kids college payments, file for bankruptcy and walk away from that shanty.

If your parents are making 90k, there is something wrong with this picture. Other than the child that is in the fifth year of undergraduate school still sponging off of the them, where is the rest of the money going?

They can start saving money by cutting off the funding of the children, especially the child that has taken far to long to earn an undergraduate degree.

They need to look at all of their spending and see where all of the extra money is going.

Shop the car insurance. If they are not getting their home fixed, they probably haven't shopped their car insuarnce in a long time either.

Refi the house if possible. It is crazy to pay those kind of rates if they can get them much lower.

I'm not a fan of Dave Ramsey's methods, but your parents could probably get something out of his book. They need to cut the waste.

Your parents have plenty of money. They just need to stop leaking it.

MyDiscover said: acco331 said: My parents have owned/lived in the same house for the last 19 years. They started with a 30 year fixed at 6 percent but did a 2nd loan at which is now at 8 percent 8 years ago. If we sold the house, maybe we'd break even.

All 3 children are in school with debt:
1. Me - 200k in 2nd year grad - residency after
2. 80k in 1st year grad
3. 10k in 5th year undergrad

The problem is our house is falling apart. It is a home made in the 50s and there has always been something more urgent to pay for than maintenance of the house. At this point I am just dismayed at the living quality they are in, and am concerned with their safety. Here's a quick list:

1. Electrical Problems - I was shocked to see the wire housing crumble in my hands when I installed a fixture earlier this year, could be dangerous if the wiring in the whole house is the same.

2. Leaks/Hole in ceiling - 3 weeks ago a longtime leak led to the collapse of a ceiling

3. Lack of heating.cooling - central air/heating unit broke years ago - estimate 7k to replace

4. pluming pressure problems

5. havent checked for abestos, ever.

6. havent had termite/rodent inspection


Our city does offer a government 25k loan but my parents make too much to qualify. They currently pay 3600$ a month for their 1st mortgage + 2nd loan. On top of that theres car insurance, 1 car payment, 1 parent loan payment, utilities, and helping out the undergraduate college kid. Even though my parents make 90k a year, they're still always borrowing money from relatives for this and that. They don't spend money on anything lavish or luxurious. It seems to be that 6-7 years of putting their kids through college + mortgage/loan problems have made their house = shit condition.


So, I guess my question is, other than selling the property and crossing fingers that they would break even, do they have any other options? Are there any financial advisors that specialize in helping struggling parents like mine get their finances straight and possibly combine their loans under a government program? The problem is, their credit is not very good (no bankruptcies, but not good at all with several negative late payments, few paid collections etc).

Thanks for reading and your time!


First drop the kids college payments, file for bankruptcy and walk away from that shanty.


I doubt any bankruptcy judge is going to let them "walk away" with that kind of income.

Your folks shouldn't have let the roof leak last unintended. It may have already seriously damaged the stucture, caused termite problems etc. None of the other problems are as serious. The electrical issue you raised seems scary, but I'd be surprised if the 1950's code can allow serious deteriaration in 60 years (but there is also the possibility of corner cutting throughout the years).

nycll said: Your folks shouldn't have let the roof leak last unintended.

nycll and I don't agree on everything, but this time we do. Fix the bloody roof already, or just bulldoze the house.

3600 in mortgage payments on a 90k income sounds crazy. Even with it all at 8%, that's almost $500k in borrowed money - and they bought 19 years ago? If they can't refinance, they should make the place sellable and get out that way. Go rent something affordable until their credit would allow a decent mortgage.

Hmm. You REALLY need to get that house inspected to see what the situation is. Sadly, I bet you dollars to doughnuts that there is more than meets the eye.

buy and bail?

You need to explore a 203K Renovation loan to bring the home up to code. Rates are low to mid 5's. The may be able to get a loan to pay off both the 1st and 2nd mortgage and repair he home.

Sell the house and rent or the kids could take out loans to make the repairs and gift them.

F. me. OP can you get your parents into idiots anonymous?

they make $90k and borrow money from others - I'm not sure who is more to blame, them or the people that actually say yes and give them money.

apple doesn't fall far from the tree - way to go racking up debt.

good grief.

these new members, and even ones that have a FW account for a while come into FWF and post this stuff is a joke, right?

The 50's houses tend not to have too steeply sloped roofs. I bet is asphalt shingles too instead of slates or tiles which requires special skills. The 3 grown children and their SOs can almost replace the roof for them. Just be careful, don't fall off the roof, and don't blame me if you do! Actually I'd go into the attic to see the extent of the water damage first.

Not a finance answer, but as far as asbestos goes, there's no need to "check" for it normally. It's not dangerous as long as it's not disturbed.

The concern I would have is the ceiling that collapsed. If you suspect the ceiling that collapsed had asbestos, then you should get an inspection done immediately. Those particles can float in the air (invisibly) for a VERY long time. If you need a referral, you might check with your neighbors (if their homes are the same age) or contact an apartment complex in your area built before the mid 70s and see who they use.

If you aren't sure about the asbestos find out if your parents have their original home purchase documents. Any transaction done after the late 70s should have a disclosure indicating if there is asbestos and possibly where(there won't be a document saying no asbestos, so if there is none then either there is no asbestos, they lost it, or disclosure was never made). Just because there may have been asbestos used, doesn't mean it's everywhere. It could be: walls, ceiling, under vinyl flooring, etc.

So if you plan on renovations it's a really good idea to find out where it was used. You might also check with your neighbors (if it's a tract community) and see what they have already found out. If someone has the same floorplan as you, that's even better because it's much more likely their locations will match yours.

RXC96 said: F. me. OP can you get your parents into idiots anonymous?

they make $90k and borrow money from others - I'm not sure who is more to blame, them or the people that actually say yes and give them money.

apple doesn't fall far from the tree - way to go racking up debt.

good grief.

these new members, and even ones that have a FW account for a while come into FWF and post this stuff is a joke, right?
I usually despise the "better than thou" attitude with some posters here in FWF, but I gotta say, I sure think its justified here. The OP is in the second year of graduate school and has $200K in loans???? And you have residency coming up yet? You planning on setting up a practice with this woman? Dr. Bisutti

Seriously you want to help? Try working your way through school, so you have less in loans, then you can help your parents financially when you graduate. At the rate you're going, you'll never be able to help them. And have your parents stop helping the kids through school (if they are) and put their money towards fixing the house up.

Or better yet, with 3 kids in their 20s, they should take a weekend and fix the roof for their parents. If you're all that smart to be in school, you should be smart enough, and healthy enough, to fix a roof. Damn, I replaced my house's roof by myself. With 2 helpers I could have it done in a weekend no sweat. And if you do it yourself, the cost has to be less than $1,000, its not expensive, just real work.

I agree fix the roof and refi. Doing it your self is not as hard as it may sound. If the shingles need to come off its pretty easy to have a dumpster delivered and scrape into it.
Next replace any boards that show the slightest sign of water. check your flashing and replace any at all that you have any question about. New paper,Then instead of bothering with Shingles do metal. Pick a color and you and your sibs can have it all on in a few hours.

90,000.00 is good money until you have thee kids in school. I'm sure you all have loans as well. So it might be hard to refi in your names. If your parents owe less than the worth of their car they can trade them in and scale down.
Are your parents on the hook for that money or are they cosigners and you kids will be making those payments when you are out of school. it is one thing to have parents co-sign and get a better rate. It is another to expect your parents to shoulder that kind of debt for all three of you.

My oldest is in the opposite situation. His father was in a position to co-sign for the lower rate and would not. Son is done with school now and is making over 600 a month in student loan payments at over 14% interest. Had Dad co-signed they would have been next to nothing and paid of quickly.

Shop Habitat Restores if you have them. Post on Craigslist and search for materials there. I picked up 15 sheets of drywall yesterday with a single Mom. She is refinishing her attic to make a bedroom for her daughter. Our budget is 200.00 We found those on Freecycle. It was worth the 30.00 for the trailer rental. Get really thrifty and that house can be fixed fast.

For heat look into Eco-heaters and similar. We use them in our house and took out our Central Heat and A/C. Our electric bill plummeted to less than 75.00 a month. They can heat the rooms they need to heat. 2 of them in a average sized room and three in a large room do much better than space heaters everywhere on a lot less cost.

You can inspect for termites,rodents yourself. Read up on it. You can treat for it as well. Buy the bait and stations to bury.
You can inspect for Asbestos also. Read up on it. Study, Understand the actual Hazzards versus the Henny Penny stuff.
Have your utility companies come out and do energy audits for free. Then prioritize from that.

Your parents have to be able to scale down and scale back their living. We did it willingly. Where we once had 3500 sq ft of home and a 1600 a month mortgage we now have 1500 sq. ft No mortgage and live on less than 1k a month. We are happy,our kids are all out of HS, now and off to college or done. I am about to go back to school and had we stayed trapped in the whole mortgage,car payments etc world I could not be doing the work I am doing.
Our house is not fancy,It is just two 14x60 Fema Mobiles, but who cares. Every month we do something to make them better. No, they were not given to us by the govt. We do not suck off of some federal program. One of the mobiles is used by our organization to house a Food Pantry, my office, and emergency shelter. We live in the other one.

Thanks for the replies, I really appreciate it. Part of the reason everything is costing so much is because we all go to school and live in Los Anegeles and southern california. We all live close enough to a 2 hour drive to each other, but not close enough to live with each other and go to school. The cost of living here is not that cheap. My university owned graduate apartment is 1000 a month for sharing a 2br.

The student loans my parents are paying off are only 10k from 2002. I believe its about 300 a month. The posted student loans were to demonstrate that we are all tied up in school right now. I agree about 200k being a lot for me, but that is what it cost to become a professional these days 40k undergrad + tuition + supplies. I'm the only classmate that works on the side 10 hours a week tutoring as well and my loans are what it is, 200k.

1. I agree about the roof needing to be fixed immediately and will get someone to come inspect for asbestos, or major structural damage.

2. I actually found that the house was made in the 1940s today, so does this mean that the electrical could actually be a hazard? This is actually one of my major concerns. Also, the house is on a "raised" foundation, which makes me wonder if the house is worth putting that much money back into. AAA would not insure the house because of the type of foundation it was on, is there a reason for this?

3. I'll definately look into the "203K Renovation loan to bring the home up to code"

4. Trust me, I'm with you on "where's the money going"?? But the 90k, after being taxed and you pay mortgage and what I mentioned, there's barely anything left. I'll have to sit down with them next time and write everything down.


I don't expect a magic bullet to solve our problems, I know this is going to take time and I appreciate all of your suggestions and advice. My parents just put their kids before their finances for 20 years.

If there's anything else you guys wanna say, please let me know.

Thanks

I won't add to the bashing that you soundly deserve on the poor choices, but the house sounds like a wreck. If the roof has been leaking long enough to cause a ceiling collapse, there is a 99.9999999% change you have major mold issues in the attic. At a minimum you will probably need to replace the insulation and disinfect any of the structure that affected. In all likelihood, there is also structural wood rot, which could mean replacing ceiling joists, rafters, roof decking, etc. The sad part is that this could have been something as simple as caulking around a vent pipe or $3 worth of roof cement to patch a damaged shingle. Now it's almost certainly big money. If you have the skill, you can fix it much cheaper. However, doing it wrong could be dumping money right down the drain, so consider that.

The central heating is baffling. They make that much money but haven't had central heat in years? In all likelihood that alone is enough to have the city declare the house uninhabitable. An entire refurb of the heating system won't be cheap and 7 grand certainly doesn't sound like you're getting gouged. As others said, you may be able to find an HVAC guy willing to to this on the cheap as a side job, but that puts you at risk for being scammed as well.

The electric could also be major money. In the 50's that could have installed anything from aluminum wiring, to knob and tube circuits, to any one of a dozen other outdated methods. It's entirely possible that an electrician won't touch any one part of the job without rewiring the entire house. Then again, it could be a single bad wire. We just don't know, so you need to find someone who knows something about wiring to look at it and see what you have going on.

Plumbing pressure issues on a house of that vintage could be another MAJOR cost. It probably has galvanized pipes. If so, they rust on the inside and corrode, causing blockages. The only way to fix it is to re-plumb the entire house. That means drywall repairs, plumbing materials, and updating everything else to current codes. Test the water pressure at the incoming pipe. If you have decent pressure there, you are pretty much screwed.

You can look for pests yourself. If termites are an issue in your area and you have wood that is wet from the leaks, there is a good chance you have problems. Take an ice pick and poke around at all the exposed wood you can find. If you find any soft spots it's time for a professional.

Asbestos is probably only an issue on old insulation, possibly on pipes or heating ducts. The good news is that while the plumber and HVAC guys are there, they will definitely let you know if you have any. If so, get ready to quadruple any repair costs there for abatement.


At this point the house may seriously be a lost cause. You have to add up the costs of all the repairs and see if it makes financial sense to fix it or take what you can get and walk away. Since your mortgages are so high, that's probably not an option. At this point the best thing that could probably happen is for that old wiring to give out and start an electrical fire. Then again, that's probably when the parents tell you they've been saving money by letting the insurance lapse too. It's really time to stop taking care of grown adults. They know the house is falling apart and don't care. If they did, they would have fixed it.

The house being built in 1940s is good news and bad news. Good news is the structural material and construction quality is likely to be higher. The bad news the electrical and plumbing might be more out of date. But still, electrical codes were mature enough even in the 1920s. When you said something crumbled around a light fixture, did that expose any live wires?

nycll said: The house being built in 1940s is good news and bad news. Good news is the structural material and construction quality is likely to be higher. The bad news the electrical and plumbing might be more out of date. But still, electrical codes were mature enough even in the 1920s. When you said something crumbled around a light fixture, did that expose any live wires?

Yes when i replaced the light fixture, the insulating material around the live wires were so dry and brittle it almost just crumbled off. I could just push the material off with my finger because it was so dry and deteriorated.

The house is not very big, just 1000 +/- 200 sq ft + garage.

Its just hard for me to really push them to move out, and sell the property or try and fix all of the above problems.

Wow, they are paying 3600$ a month for a 1000 sq foot house

JorgeBurrito said: Wow, they are paying 3600$ a month for a 1000 sq foot house

ya thats los angeles for you, i think the small house even in that condition, is worth 450-500k right now , its because of the school district

Are you kidding? That income means NO FREE help. Maybe People Working Cooperatly(look under P.W.C.) might do it for cost.

JewJec said: Are you kidding? That income means FREE help. Maybe People Working Cooperatly(look under P.W.C.) might do it for cost.

what? - free help for 90k a year

acco331 said: JorgeBurrito said: Wow, they are paying 3600$ a month for a 1000 sq foot house

ya thats los angeles for you, i think the small house even in that condition, is worth 450-500k right now , its because of the school district

2 very simple choices:

1) sell, and move to a cheaper area to reduce expenditures (mortgage)...who needs the school district when all the kids are out?

or

2) refi and get their financials in order (that is - cut back on everything possible)

either way, things arent going to magically improve unless they do something about it.

and honestly, you are too worried about the house. stuff breaks and you fix it. i agree with the poster who told you to just do some research to learn about home repair. dont be scared.

Don't take another nickel from your parents. Shame.

marketingmike said: Don't take another nickel from your parents. Shame.

havent taken a nickel since 2003

its my youngest sibling, i cant do anything about it

thanks for all the replies

perspective on situations always helps

I know parents these days want to help their kids through college, but the parents shouldn't have to live in squalor to do so. It is a lot easier to take out a student loan than a mortgage, and there are no closing costs involved. To the parents, I say cut the strings and refinance.

acco331 said: 4. Trust me, I'm with you on "where's the money going"?? But the 90k, after being taxed and you pay mortgage and what I mentioned, there's barely anything left. I'll have to sit down with them next time and write everything down.

What? Where the money is going is the most unmysterious thing out of all of this. It's going toward mortgage payments on loans for well over 5x their gross income. The general 3x rule of thumb isn't even for loan balances, it's for house purchase price and assumes a healthy down payment. They borrowed way more than they can afford and should get out of those loans asap.

Again: $90k is a healthy income, but it's not NEARLY enough to afford a $500k mortgage.

90K for two working adults is not that high of a salary at all. that is two 45K jobs which is only 21 dollars an hour.

So what to do
1. You stop taking your parents money. You need to defer or pay your own student loans If you live at home you help with paying rent and doing home repairs.
2. You talk to your siblings about the same
3. Your parents need to refi the morgage down to 5% and use the monthly saving to do house repairs starting with the roof.
4. Your parents get 2nd jobs to pay for the roof repair
5. Your college aged siblings can all have their own jobs lots of people work during college.

SlimTim said: acco331 said: 4. Trust me, I'm with you on "where's the money going"?? But the 90k, after being taxed and you pay mortgage and what I mentioned, there's barely anything left. I'll have to sit down with them next time and write everything down.

What? Where the money is going is the most unmysterious thing out of all of this. It's going toward mortgage payments on loans for well over 5x their gross income. The general 3x rule of thumb isn't even for loan balances, it's for house purchase price and assumes a healthy down payment. They borrowed way more than they can afford and should get out of those loans asap.

Again: $90k is a healthy income, but it's not NEARLY enough to afford a $500k mortgage.


But they bought it 19 years ago. It wasn't a 500k home then, and they clearly haven't spent any money maintaining it. The money in the interim has gone somewhere that caused them to have to do a cash-out refinance.

90k per year is still 90k regardless if it's being made by 2 x 45k year.

if you can't spend & save within your budget, it doesn't matter if they made $150k year total, chances are they would still be in almost the same situation = broke.

and then we go to the, $90k isn't that much for mort./rent, this and that, and 4 kid's school and...! - well again, if you can't afford it.

"yes child, I will gladly pay for all your $250k school costs, and I am sure you will repay me in a timely fashion once you are out and making a decent living, as a doctor or lawyer. Now, please initial these 3 places, sign & date at the bottom, and show your ID to the nice friendly Notary. I love you."

Again. the parents are only paying for a small parent loan from 8 years ago. Because of their credit they've been denied ever since. The first 2 siblings do work, have scholarships, but this is not community college here. That is why I personally, owe 200k, that was to show that I am not out and working (therefore can not help yet).

Again. I don't take my parents money. Again. I do work and am the only one of my classmates that still does. This student loan is not the current issue. I understand it is a lot of money, but that is the cost.

I do agree that my youngest sibling needs to cut on the spending, but it is unlikely I will be able to talk him out of free rent/tuition. He's not the type to listen.

Getting 2nd jobs is not a option. Its not 2x45 its 1x75 + full benefits, 1x15. It's not easy to get a job these days in cali even if my mom were to find another job it wouldn't boost her part time 15k by much.

The house was not bought at 500k to begin with, it was bought for 299 + 40k downpayment. It is now worth 4-500k, but as you know the condition is poor and even that increase in price over 19 years might not be enough to pay off their loans.

So far, the most constructive things I've heard are:

1. Refinance - but my question is, can they get 5% if they do not have good credit, they have "fair" credit?
2. Budget current money - that can be done.
3. Sell house/pay loans off - rent/lease a place.
4. Ask youngest sibling to stop taking money - not gonna happen unfortunately, and my parents are the type to look after him until hes ready

Thanks for your help

acco331 said: Again. the parents are only paying for a small parent loan from 8 years ago. ...
Again. I don't take my parents money.

Yes you do take their money!! They are paying 300 a month on a loan for your college that they can not afford. 300 a month is 3600 a year or assuming a small tax rate of 20% of their 90K has a take home of 72K. That loan is more then 4% of their take home pay.

Yes all of you should be supporting yourselves not depending on your fiscally inept and clueless parents.
Yes people can do well in college while working and often jobs in college help you get good jobs post college.

Summary:


The children owe about ~300,000, which is going to increase.
The parents bought a house 19 years ago, have not maintained it, have cashed out a 2nd mortgage.
Parents make 90K combined, "they're still always borrowing money from relatives for this and that" so no idea how much they owe to relatives.
AC and heating has been broken for several years, costs 7K to fix.
No maintenance or inspections have been made recently.
Each child lives and rents separately from the parents.
House might be sellable for ~450K because of school district.
(My assumption) Parents have no retirement savings.

Solution for parents:
1) Inspect house
2) Figure out which is best:
2a) Either refinance for 30 more years and pay all debts, which will lower monthly payment
2b) Sell house pay debts
3) Don't buy gifts for "children" (in fact, stop calling them children, they are adults now)
4) Think about what caused you to get into this situation after 19 years.
5) Don't do anything of the things from step 4.
6) Speak to the progeny about paying your back and how to cut expenses. Consider consolidating living space even if it results in a longer commute.

Suggested:
*7) Don't have more children.

wow $200k and still in school, that's a mortgage in itself. what in the world are you studying for? hopefully you expect to make no less than $200k/yr, and soon, with that kind of school debt.

@OP

Education level does not directly correlate to earning potential. At 200k in debt and still sponging off your parents (again!), you are definitely beyond the point of diminishing returns. Honestly, it's time for you to get a job...but I'm sure you'll come up with some justification to do otherwise. You ought to be ashamed of yourself.

SpecialJohnny said: @OP

Education level does not directly correlate to earning potential. At 200k in debt and still sponging off your parents (again!), you are definitely beyond the point of diminishing returns. Honestly, it's time for you to get a job...but I'm sure you'll come up with some justification to do otherwise. You ought to be ashamed of yourself.


I'm not worried about my earning potential. I'm not getting a Phd, dont worry.

Some of you need to learn to read the thread before posting. But I'll update the first post after this, since people just read that and post their opinion.

I do have a job, i work 15 hours a week teaching and I am the only other employed classmate out of 100.

I'm not sponging off of my parents, I haven't taken money from them since 2003 and in fact try to help out whenever I can. They do pay a combined parent loan ( about 100 dollars a month on my part).

I pay for my own car, gas, food, rent, utilities, car insurance, everything. I know to some of you that might just be a part of being a regular adult, but I am one of the few classmates that are totally independent and doing that.


Thanks for those of you giving constructive advice and even criticism.

Skipping 22 Messages...
^why more than 4 years?

Basically if you think johnny's advice of quiting med school and finding a job (in this economy no less) is better than stupid, you should make it clear. I never said OP's family made the best financial choices. But that is no excuse for flaming him with stupid "advices".



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014