Real Answers for Life’s Money Challenges
My 19-year-old college dropout daughter lives at home.
There are two student loans.
(I was told she could not have a loan without my signature.)
Now Im on the hook for $18,000.
Im on disability, so if I have to pay it myself it will create a hardship.
How do I get my daughter to pay for her own expenses?
-M.
Dear M.,
Since your daughter is living at home, you have some leverage.
Getting her own place would cost her a lot more than shes paying to live with you.
She may not even be able to find a landlord whos willing to rent to her without a co-signer.
Dont just settle for the minimum payments, though.
A lot can change in five years.
Maybe your daughter will grow up a bit and take responsibility for the debt she acquired.
Id aim to get as much of that balance paid off while shes still living with you.
Are you struggling to cope with financial stress?
First, take a deep breath.
Then, take a look at our roundup ofresources to help you manage your stress and your money.
You may have additional bargaining chips.
If you co-signed the loan, remind your daughter that shes legally responsible for payments.
Unfortunately, this distinction doesnt matter much for practical purposes, though.
You might also want to talk to your lender if youre struggling to make payments.
Im guessing you and your daughter have argued a lot over these loans.
If Im correct, keep the focus on getting your daughter to start paying up.
Dont make it about the disappointment you may feel over her decision to drop out.
That argument wont get you anywhere and will only result in frustration for both of you.
If your daughter refuses to make payments, be prepared to take action.
You could give her a written notice telling her she has 30 days to make payments or move out.
But then you oughta follow through and actually kick her out if she refuses to pay.
Kicking a child out is often enormously painful for parents.
Consequences force us to grow up, though.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
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