When that big step is actually a big step down . . .

[JazzJackRabbit]

Originally Posted by Garfunkle524

In response to your accusation, I am not legally liable for [student loans]. I'm not bound by law to pay them back (they are in one of my parents' name) but they were taken so I could get an education. However, because of many poor financial decisions on my parents' part, there is no one to even try to pay them but me.

Apparently I really really have to spell things out, so here goes. The reason for their mention is twofold. As I said before, they are a serious weight on my back and put me at a huge disadvantage financially as they do for many young adults. The other reason I mention them is to show that the lack of financial foresight by both my parents and I brought about consequences that I will be paying in the near future despite not being held legally liable. That means it's a choice on my part, and by spending her life with me it would become a choice that I made with ill consequences on her. Another reason it might be a step down for her . . .

Am I the only one who saw this little gem? Combine it with he said couple of pages below:

Originally Posted by Garfunkle524

We both make strong salaries ... If we both worked we'd be bringing in a lot of money ... My salary would likely lead to a comfortable life for us ... Engineers ...

So let's see... Parents took out a loan to so that the OP "could get an education", he got an engineering degree raking in "strong salary", even "a lot of money" when both he and his girlfriend combine their incomes. Not only that, but he also said that if it wasn't for his student loans he'd be able to provide for entire family (SAHM + kids) with only slight decrease in quality of life which further confirms that he's making a good salary. All in a high cost of living area that they do not want to leave. He also never said that he cannot afford loan payments, so I have to assume his loans are actually manageable. He's just bitching that he cannot afford the lifestyle that he wants..

Sorry, but I'm smelling an ungrateful brat. I think the real picture is quite different from what OP led us to believe about his family. His family may be f'ed up, they might be irresponsible, they might barely have any food on the table, yet this family put him through school. And these loans are what let him get a marketable degree and get a job with good salary. I never saw OP say that he cannot afford to pay off those loans, he just complained that these loans decrease his quality of life. The op has mentioned it numerous times that he doesn't believe he's resposible for those loans because they're not in his name, despite the fact that these loans are the reason why the op is where he is right now.

End point is the OP is bitching about having to repay student loans that got him a nice education and a decent salary.

If I knew your girlfriend, I would strongly advise her to run away as fast as she can. Not only does this guy have low self esteem, but he is also willing to throw his parents who put him through school under the train.

[Garfunkle524]

Originally Posted by JazzJackRabbit

Not only that, but he also said that if it wasn't for his student loans he'd be able to provide for entire family (SAHM + kids) with only slight decrease in quality of life which further confirms that he's making a good salary. All in a high cost of living area that they do not want to leave

A strong salary in a high COL area isn't worth nearly what it is in a lower COL area. The idea is that eventually, assuming my earning power rises over time, that we will have a comfortable life from my point of view. From hers though? Not so sure.

He also never said that he cannot afford loan payments, so I have to assume his loans are actually manageable. He's just bitching that he cannot afford the lifestyle that he wants..

They are indeed manageable for a single person. No way I could afford a family any time soon with them hanging over my head.

Sorry, but I'm smelling an ungrateful brat.

Do you always try to bully people on these boards?

yet this family put him through school.

My family most certainly didn't "put me through school." They signed for the loans and I pay them. Not a single dime for college came from my family.

And these loans are what let him get a marketable degree and get a job with good salary.

Correct, I am grateful for that. But don't kid yourself into thinking that I received any help other than a parent's signature on a loan application. I get pressured very often to have the loans signed over to my name. I'd be an idiot to do that.

The op has mentioned it numerous times that he doesn't believe he's resposible for those loans because they're not in his name, despite the fact that these loans are the reason why the op is where he is right now.

I'm not legally liable. I've chosen to take responsibility for them, but cannot legally be forced to pay most of them back. I maxed what I could take in my own name and there's a low ceiling on that number. There's a reason for that.

End point is the OP is bitching about having to repay student loans that got him a nice education and a decent salary.

While this is a strong concern, it's only part of my concerns for our future.

Not only does this guy have low self esteem, but he is also willing to throw his parents who put him through school under the train.

Feel better about yourself now?

[JazzJackRabbit]

Originally Posted by Garfunkle524

My family most certainly didn't "put me through school." They signed for the loans and I pay them. Not a single dime for college came from my family.

Correct, I am grateful for that. But don't kid yourself into thinking that I received any help other than a parent's signature on a loan application. I get pressured very often to have the loans signed over to my name. I'd be an idiot to do that.

I'm not legally liable. I've chosen to take responsibility for them, but cannot legally be forced to pay most of them back. I maxed what I could take in my own name and there's a low ceiling on that number. There's a reason for that.

What I'm getting is that
1. You maxed out loans that you could take in your name
2. Your parents had to step in and take loans in their name to pay for your education
3. You feel you're not responsible for the loans that your parents took on your behalf, and you do not want to legally take over those loans, you feel you'd be an idiot if you did.

Yes, life is hard with student loans. But plenty of people do it, they take loans, they go to school, they pay those loans back. And yes, they have to live frugally while they're repaying those loans. Once they do repay those loans they will reap the rewards of higher education in full. You're no exception. The loans technically may not be in your name, but they are yours in a sense that those loans were used on you and your education. Your parents might not have put you through school, but they did sign the loan papers that allowed you to finish school. You owe it to your parents to pay them back if they ask for it. If your parents were wealthy and could just pay for your education outright, I wouldn't have said a thing, but it sounds to me like your parents are struggling, and you're refusing to repay the loan that they took for your benefit.

[sayulita]

Originally Posted by JazzJackRabbit

What I'm getting is that
1. You maxed out loans that you could take in your name
2. Your parents had to step in and take loans in their name to pay for your education
3. You feel you're not responsible for the loans that your parents took on your behalf, and you do not want to legally take over those loans, you feel you'd be an idiot if you did.

Yes, life is hard with student loans. But plenty of people do it, they take loans, they go to school, they pay those loans back. And yes, they have to live frugally while they're repaying those loans. Once they do repay those loans they will reap the rewards of higher education in full. You're no exception. The loans technically may not be in your name, but they are yours in a sense that those loans were used on you and your education. Your parents might not have put you through school, but they did sign the loan papers that allowed you to finish school. You owe it to your parents to pay them back if they ask for it. If your parents were wealthy and could just pay for your education outright, I wouldn't have said a thing, but it sounds to me like your parents are struggling, and you're refusing to repay the loan that they took for your benefit.

Good grief! He has said repeatedly that he IS paying off the loans, even though they are in his parent's name. He doesn't legally have to do it, but he is trying to do the honorable thing. He is not paying his parents back, he's paying the lenders. At least read the thread before you comment.

[Garfunkle524]

Originally Posted by JazzJackRabbit

3. You feel you're not responsible for the loans that your parents took on your behalf, and you do not want to legally take over those loans, you feel you'd be an idiot if you did.

I have said it before and will say it again: I have made the choice to take on responsibility of these loans, but I cannot be held legally liable. Being responsible for the payments and being held liable for them are two completely different scenarios. A quick read: Student Aid on the Web

Can the parent's PLUS Loan be transferred to the student so that it becomes the student's responsibility to repay? No. A PLUS Loan made to the parent cannot be transferred to the student. The parent is responsible for repaying the PLUS Loan.

You owe it to your parents to pay them back if they ask for it. If your parents were wealthy and could just pay for your education outright, I wouldn't have said a thing, but it sounds to me like your parents are struggling, and you're refusing to repay the loan that they took for your benefit.

In the legal sense I owe only what's in my name. I am paying what is in their name as well. Did I say that I'm not paying anywhere in the thread? I am managing the payments and they are large enough to significantly impact my income. Also worth noting, they never even see the bills and don't even know how much the loans or payments are. I've been paying them for 3 years, on time every time with extra payments thrown in. They don't know or even care, as long as they are unbothered by it.

Anyway, the circumstances of the loan payments are off topic. The whole point of even bringing them up to begin with was to show mid-long term effects they have on my own lifestyle and the way they could affect our lives in the future. I didn't start the thread to justify whether or not I should be paying them, I'm only interested in hearing thoughts on the consequences.