The student debt dilemma: Is it worth paying off your child’s loan?
Paying your child’s student loan outright could get you stung by the gift tax. If you’re giving your child more than $14,000 (in 2013), or $28,000 for a married couple filing jointly who is splitting gifts, then your lifetime unified credit for giving gifts is reduced by the amount of the gift.
SOUTH MILWAUKEE, Wisconsin (AP) – Baby Boomers: your millennial children are worse off. the net worth of boomers. Their home ownership rate is lower, while their student debt is drastically higher..
Homebuyers escaping high housing costs by relocating to secondary cities High housing costs are also prompting more adult children to live at home, delaying downsizing by their parents. Faced with high costs to relocate in the city, these baby boomers are also looking to follow their offspring to these secondary cities, he said.
For starters, a student loan is not a "loan" or a "debt" in any conventional sense. Unlike a mortgage or a bank loan, if my stepson hasn’t repaid it after 30 years it will be written off.
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‘Should I pay off my son’s student loan – or is there a better use for my cash?’ Save Thanks to 9,000 annual fees, students commonly graduate with over 40,000 debt Credit: Getty
In this post, we’re going to explore and shine a light on the various arguments for and against paying off your child’s student loan- whether that be by paying the fees up front or by helping your child pay off the loan once they graduate to reduce the debt earlier.
It doesn’t check how much other debt-like a mortgage or other student loans-the. his house and use the profit to pay off the loans. But given what his house is worth now, selling it wouldn’t cover.
Most of us can sacrifice a bit to pay off debt, but it’s probably not worth bending over backward to pay back your student loans early if it means you must struggle to pay other bills and eat, or have to forgo basic necessities like health insurance.
· The student debt dilemma: Is it worth paying off your child’s loan if you can. or are there smarter ways to help? Earning a degree now lumbers students with a huge average debt.
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"When I graduated from undergrad, my student loan debt was. additional ,000 in debt to get her degree, or stop school and start working to pay off her loans. "I told her, and I say this to all.