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Started By
Message
Meet a single dad with $550,000 in student loans for his 5 children
Posted on 9/27/21 at 11:30 am
Posted on 9/27/21 at 11:30 am
quote:
Clark was preparing to pay for his five kids' education as part of a two-income family, but he and his wife divorced in 2011. Just a few years later, when the children started going to college, he decided to turn to federal loans to finance their education himself. (Due to private circumstances, his ex-wife isn't contributing.)
Now his debt load stands at over $550,000.
"I'm looking at paying $3,000 a month for the better part of the rest of my life," Clark, who is 57, told Insider. He estimates he'll have to keep making those payments for at least three more decades.
Parent PLUS loans, the type of loan Clark is paying off, are federal loans that let parents pay for their children's education. They can cover the full cost of attendance minus any financial aid the child already received.
For Clark, the ability to take out those loans meant he didn't have to defer his kids' education despite the unexpected change in his financial standing. But now, he said, even though he makes a livable salary in healthcare sales, his retirement could very likely be pushed off because he chose to take on debt to prioritize his kids' futures.
LINK
Would you do the same for your kids?
113
Posted on 9/27/21 at 11:31 am to Street Hawk
To the kids: Sorry kids, mom and I are divorcing so get your own loans
Posted on 9/27/21 at 11:32 am to Street Hawk
This is why mine are in sports and music lessons.
Posted on 9/27/21 at 11:32 am to Street Hawk
Idiot.
Posted on 9/27/21 at 11:32 am to Street Hawk
2 4 5 6 1 3
Posted on 9/27/21 at 11:33 am to Street Hawk
If I'm half a mil deep, those kids better have good majors making good money. Once they get a full time job, I'd work out a way to get them to pay into it.
But I'm not sure I'd put myself squarely in the middle of this.
But I'm not sure I'd put myself squarely in the middle of this.
Posted on 9/27/21 at 11:33 am to Street Hawk
quote:
Would you do the same for your kids?
nope, what a fricking dumbass
Posted on 9/27/21 at 11:33 am to Street Hawk
That's excessive. There are always other ways to pay for college.
And yes...all 4 of his daughters are gorgeous.
And yes...all 4 of his daughters are gorgeous.
Posted on 9/27/21 at 11:33 am to Street Hawk
Posted on 9/27/21 at 11:33 am to Street Hawk
quote:
Clark was preparing to pay for his five kids' education
quote:
Now his debt load stands at over $550,000.
Sounds like to me those kids should have been taking out their own student loans.
This post was edited on 9/27/21 at 11:35 am
Posted on 9/27/21 at 11:33 am to Street Hawk
He’s a damn fool.
Make them earn their own way. Hell, make them at least make the loan payments after they graduate.
Make them earn their own way. Hell, make them at least make the loan payments after they graduate.
Posted on 9/27/21 at 11:34 am to Street Hawk
quote:
Would you do the same for your kids?
No, and his kids seem like entitled assholes for taking him up on it. As a child, I wanted to get off the teat as soon as possible to help my parents out.
Posted on 9/27/21 at 11:34 am to Larry_Hotdogs
quote:
This is why mine are in sports and music lessons.
Make that plumbing and welding lessons and you'll have something.
Posted on 9/27/21 at 11:34 am to Street Hawk
Double that for the weddings
Posted on 9/27/21 at 11:35 am to Baers Foot
quote:
No, and his kids seem like entitled a-holes for taking him up on it.
yup
quote:
I wanted to get off the teat as soon as possible t
same here
Posted on 9/27/21 at 11:35 am to Street Hawk
Already told mine unless you get a scholarship, it is community College then UAB. Good luck.
Posted on 9/27/21 at 11:36 am to Street Hawk
quote:
Due to private circumstances, his ex-wife isn't contributing
mmmhmmm
Posted on 9/27/21 at 11:36 am to carhartt
quote:
Make them earn their own way. Hell, make them at least make the loan payments after they graduate.
My parents were pretty clear with me about 2 things:
1. We won't put a single penny toward a car for you when you turn 16
2. We won't put a single penny toward your college, so you better get scholarships or pay for it yourself
Worked 3 jobs when I was 15 to save $2400 for my first car.
Got a partial academic scholarship and had to pay for the rest myself. Made my final student loan payment in May 2018. 7 years of working 2 jobs post grad to get that done.
Chances are this moron is doing this to curry favor with his kids over his ex wife.
Posted on 9/27/21 at 11:37 am to Baers Foot
quote:
As a child, I wanted to get off the teat as soon as possible
Yep. Everyone wanted independence.
Posted on 9/27/21 at 11:37 am to Street Hawk
What an idiot.
Is he aware that kids all over the country go to college on their own student loans all the time? I can't imagine being over half a million in debt for anything. Maybe a house, but at least I'd get to live in it.
Is he aware that kids all over the country go to college on their own student loans all the time? I can't imagine being over half a million in debt for anything. Maybe a house, but at least I'd get to live in it.
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