Re: just found out i\'m down 20k LONG (with cliff notes)
 

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Did your dad cosign? It would be pretty funny to default and leave him holding the bag.

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lol.




also, don't worry. you can just do an "income contingent" repayment plan that is based off your salary. Sure it will take you 200 years to pay it off, but you can basically put it on hold and pay $50/month.

Re: just found out i\'m down 20k LONG (with cliff notes)
 

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I'm 20 and am going into my junior year of college,my parents are generally sneaky when it comes to financial transactions that involve me.

We are not incredibally rich, but for example we live in a house worth well over 1 million dollars.

[/ QUOTE ]brain couldn't function enough to read on from here.

Re: just found out i\'m down 20k LONG (with cliff notes)
 

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Did your dad cosign? It would be pretty funny to default and leave him holding the bag.

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theres a chance I signed it at 17... maybe he did cosign... how do I find this out

Re: just found out i\'m down 20k LONG (with cliff notes)
 

Well students are typically on the hook for the Perkins/Stafford loans. The max you could get for those is around 5k a year. Times 4 years that puts you at 20k. Your cost of college is probably 11k grant, 5k student loans, and the rest your parents pay.

Re: just found out i\'m down 20k LONG (with cliff notes)
 

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I'm 20 and am going into my junior year of college,my parents are generally sneaky when it comes to financial transactions that involve me.

We are not incredibally rich, but for example we live in a house worth well over 1 million dollars.

[/ QUOTE ]brain couldn't function enough to read on from here.

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If you live in SF or LA families with million dollar homes are about at the income level where they might sometimes need to take out a loan for private college... especially if they've got several kids.

Re: just found out i\'m down 20k LONG (with cliff notes)
 

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Well students are typically on the hook for the Perkins/Stafford loans. The max you could get for those is around 5k a year. Times 4 years that puts you at 20k. Your cost of college is probably 11k grant, 5k student loans, and the rest your parents pay.

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this seems exactly like what's going down... i dunno i just figured it was a way for him to differ costs, and he would pay it for me whenver he felt like it

Re: just found out i\'m down 20k LONG (with cliff notes)
 

[ QUOTE ]
[ QUOTE ]
Well students are typically on the hook for the Perkins/Stafford loans. The max you could get for those is around 5k a year. Times 4 years that puts you at 20k. Your cost of college is probably 11k grant, 5k student loans, and the rest your parents pay.

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this seems exactly like what's going down... i dunno i just figured it was a way for him to differ costs, and he would pay it for me whenver he felt like it

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You just got your first lesson in paying attention when signing important papers. Didn't you realize what was happening when they sent you your financial aid package? It's all there.

Yeah, don't feel sorry for you at all. 20k is nothing and when you get out of school payments are cheap. So if you can manage a 40k job out of school you should be able to handle $200 a month. It also builds credit.

If you would have read your financial aid letter you could of asked what the loans were and how your dad expected those to be paid off. He obviously knew what was happening and you're now an adult so it isn't his responsibility to read over all YOUR paperwork and give you cliffs notes.

Re: just found out i\'m down 20k LONG (with cliff notes)
 

his responsibility to read it over?... he took responsibility without asking me... he said he was paying for my college so he did all the necessary paper work... he asked me to sign something and i trusted him... it's my dad... i should be able to trust him and not have to read it over before signing something... your reasoning is nonesense

anyway am i gonna get kille with interest rates if i leave the loan unpaid for a few years?

Re: just found out i\'m down 20k LONG (with cliff notes)
 

yea i don't really feel sorry for you remarks

i never asked you to feel sorry for me.. i have a great life mostly due to my parents and i know it...doesn't really adress the point i'm making tho

Re: just found out i\'m down 20k LONG (with cliff notes)
 

I didn't get through all of the responses, but this is my immediate reaction. It's not that uncommon for families to make their kids pay for college. I even know some people whose parents could easily pay for all 4 years, but they instead say, "you're an adult, you're on your own". If your dad did specifically say that they would pay for college, then it's a douche move what he did. If you were just under the assumption that he would, then my suggestion would to just make extra sure of the details in future dealings with your parents. Regardless of what the situation was, I think your dad should've made it more clear who was going to pay for school.

On a more positive note, you're on a forum where you can gain free information worth much more than 20k.