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

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. I go to a 30k a year school, I recieved an academic scholarship for around 14k a year. (my budget was keep it below 20k a year after scholarship, I did 30-14 for 16k)

They pay for most of my stuff... clothes (not all of them, but enough to manage with) food, gave me 3k for a car when I was 18...they don't give me spending money or anything like that, but DEFINATELY enough to live off of comftorably as a college student

I was under the assumption my Dad was paying for my college, which I was thankful for. I opened the mail today and it's some student loan bill, I question my Dad about it and he says don't worry I don't have to pay till six months after I graduate, he continues to say it will be around 20k.




CLiff notes:
Well off family provides for 99% of sons NECESSITES

Kid recieves 14k scholarship for 30k a year school and Dad agrees to pay for college if he goes there

2 years later kid finds student loan bills in the mail, Dad goes, o ya ur gonna owe around 20k when ur done with school...u signed some paper when u were 17 and not paying attention, u don't remember?

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

Your dad sounds awesome

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

Basically I'm pissed, I don't want to be 20k in debt, I don't plan on having a hi paying job till i'm about 25 or I find someone I want to marry/provide for (whichever comes first) this seriously disrupts my plans... what makes it worse is, I can't really complain... he's still paying for a HUUUUGEEEE portion of my education and just my life in general until I graduate... but it jus seems so sleazy, like I'm just some cost and he found a way to minimize it by being sneaky about maxing out my student loan potential (maybe he could have done more?) and sticking me with the bill

also, he goes you know it's no big deal, you get a job 50k a year... thousand dollars a week... it's consistent you'll pay it off in no time.... thanks Dad for asking me what I wanted to do after college, instead of just assuming I'd like to spend what's left of my lower twenties stuck in an office


arghhh I'm just mad... my life is great, and I owe it all to my dad, but for now I just feel like a pawn, and at the very least it's his fault for making me feel that way


standard wah wah wah i had to dig coal mines to pay off my student loans are expected, but posts from people who can actually relate to me would be appreciated

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

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Your dad sounds awesome

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sarcasm? or no... i mean he's definately provided a great life for me

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

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Your dad sounds awesome

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sarcasm?


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duh

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

The fact that your parents give you any money at all puts you ahead of most people your age. Its a little douchey that they didn't tell you, but its very normal that they expect you to pay for it. Be thankful they pay for food and clothes because you sure as hell could get a lot less from them.

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

If he told you, would you go to a cheaper school to not be 20k in debt? Would you rather him not pay for clothes car expenses etc and be a dirt poor college student working his ass off to make ends meet?

This is rather disgusting, complaining about owing 20k after college, when its almost costing that every year and he's footing the majority of the bill plus more. Grow up please. There's kids working their ass off during college and still graduate with three or four times the amount you owe. I'm sorry he ruined your plans, but judging from your whiny post, your plan most likely wasn't all that spectacular.

I don't think you're going to find many people relating to you, because there quite simply aren't that many ignorant, spoiled children.

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

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

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

I don't agree with the hate at all... if you would have gone to a diff school had you known you were going to pay then you definitely have reason to be upset.

If you would've gone along with the plan and been willing to fork over 20k even if you had known, then it sucks and is kinda douchey but you can't really complain about much.

However, I don't understand what kind of relationship you have with your parents where (a) they would try to pull the wool over your eyes like that and (b) instead of confronting them about it and having a serious discussion and telling them how you feel, you posted on an internet message board instead. I'm not trying to diss you or hate on you, but it seems really odd to me.

Tell your dad how you feel - if you want to do non profitable, life enriching stuff after college like travel or Teach for America or join the peace corps or work on a campaign or something and now you can't b/c you have to pay off debt see if your dad will pay it off for you now and allow you to pay him back in the future at zero interest plus inflation.

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

[ QUOTE ]

I was under the assumption my Dad was paying for my college, which I was thankful for. I opened the mail today and it's some student loan bill, I question my Dad about it and he says don't worry I don't have to pay till six months after I graduate, he continues to say it will be around 20k.






[/ QUOTE ]


you could have had a talk a while ago about funding for college, rather than just assume it was being paid for in full. But there are much worse things than going to an expensive school and being down 20k. Debt is no fun, but college is pricey, and college prices have been going up at twice or three times the rate of inflation . This is the exact reason why there is such a thing as the "boomerang generation." Students move back home to pay off their loans.

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.

[/ QUOTE ]

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)
 

[ QUOTE ]
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)
 

[ QUOTE ]
[ QUOTE ]
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.

[/ QUOTE ]

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)
 

[ 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.

[/ QUOTE ]

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)
 

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[ 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.

[/ QUOTE ]

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

[/ QUOTE ]

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.

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

Hating on the OP here is retarded. He obviously isn't bitching about the fact that his parents are cheap or whatever, he's just pissed about the fact that his dad said he'd take care of the college education and then all of a sudden he's hit with a bill for $20,000.

He recognizes his parents gave him an awesome life and thus isn't bitching, he's just pissed about the way it all went down.

Reading comprehension, people...

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

Making kids pay for college is normal and not at all a douche move.

Reneging on a promise or telling someone you will do something and retracting is a douche move.

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

Was he paying for everything but federal loans or something?

Was he actually sneaky or was there just a misunderstanding?

Sucks how it went down but it seems more like you weren't paying much attention at 17, which is understandable I guess.

Note: Both words you capitalized for emphasis were spelled incorrectly [img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/confused.gif[/img]

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

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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

[/ QUOTE ]

What point are you actually trying to make? because you aren't making it very well, and this is basically just a whiny post that should go in a blog

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

my point his i feel it was his responsibility to make sure I understood what I was signing.. he's a father giving his 18 year old son a piece of paper saying sign it... you'd think he make sure i understood it, hell agreed to it before he let me sign it...

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

[ QUOTE ]
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. I go to a 30k a year school, I recieved an academic scholarship for around 14k a year. (my budget was keep it below 20k a year after scholarship, I did 30-14 for 16k)

They pay for most of my stuff... clothes (not all of them, but enough to manage with) food, gave me 3k for a car when I was 18...they don't give me spending money or anything like that, but DEFINATELY enough to live off of comftorably as a college student



[/ QUOTE ]

Out of curiosity how rich does everyone think his parents are? Who were the previous owners of the house?

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

[ QUOTE ]
[ QUOTE ]
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. I go to a 30k a year school, I recieved an academic scholarship for around 14k a year. (my budget was keep it below 20k a year after scholarship, I did 30-14 for 16k)

They pay for most of my stuff... clothes (not all of them, but enough to manage with) food, gave me 3k for a car when I was 18...they don't give me spending money or anything like that, but DEFINATELY enough to live off of comftorably as a college student



[/ QUOTE ]

Out of curiosity how rich does everyone think his parents are? Who were the previous owners of the house?

[/ QUOTE ]

I'm guessing that his parents aren't rich at all but rather in debt up to their eyeballs.

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

[ QUOTE ]
my point his i feel it was his responsibility to make sure I understood what I was signing.. he's a father giving his 18 year old son a piece of paper saying sign it... you'd think he make sure i understood it, hell agreed to it before he let me sign it...

[/ QUOTE ]

OK so it is entirely a whiny post that belongs in your blog.

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

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[ QUOTE ]
my point his i feel it was his responsibility to make sure I understood what I was signing.. he's a father giving his 18 year old son a piece of paper saying sign it... you'd think he make sure i understood it, hell agreed to it before he let me sign it...

[/ QUOTE ]

OK so it is entirely a whiny post that belongs in your blog.

[/ QUOTE ]

nah it was more to look for input on what i should do now, get over yourself

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

This would have been in your financial aid letter, clearly put into nice tables with at least one line that says 'loan'. If you weren't expecting that you should have discussed it w/ your dad then. When calcing fin aid they expect that you have to take out loans. They just want their $$$. Also, your parents aren't leaving you out to dry, they are picking up some of the bill and paying your expenses. This is your first adult lesson, read (or ask about) what you are signing.

You have 6 mos from graduation before you have to start paying. Interest is ridiculously low for these loans. Missing payments will not only affect your credit, but your parents credit as well and the principle will just get bigger in the meantime. They will also go after both you and your parents if left unpaid for long enough. If you're still living w/ the rents (which it sounds like you will be) a job flipping burgers will be more than enough to pay the monthly payments.

Also,
[ QUOTE ]
my point his i feel it was his responsibility to make sure I understood what I was signing

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Your an adult now and it's not his job to do this anymore. Hopefully lesson learned.

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

i know it's not his job, would have been the right thing to do tho is my point... possibly a misunderstanding, definately ATLEAST partially my fault

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

LOL at "rich" people getting loans for school

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

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LOL at "rich" people getting loans for school

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are you saying i'm not rich... I really have no clue at this point

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

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nah it was more to look for input on what i should do now.

[/ QUOTE ]

1. Quit poker
2. Get job at Burger King
3. Pay off the $20K
4. ????
5. Profit

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

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LOL at "rich" people getting loans for school

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are you saying i'm not rich... I really have no clue at this point

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Obv not. True ballers pay cash monies obv.

And they don't bitch about 20k. Thats like what... 4-6 weeks of work?

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

i didn't read much of this thread, but i'm in law school; i wish i only had 20k in debt (when it's all said and done, it will be like 4 or 5 times that).

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

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i didn't read much of this thread, but i'm in law school; i wish i only had 20k in debt (when it's all said and done, it will be like 4 or 5 times that).

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hahah yeah...20k in debt. Not many are as lucky as the poster as 20k in college loans is a jopke.

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

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i didn't read much of this thread, but i'm in law school; i wish i only had 20k in debt (when it's all said and done, it will be like 4 or 5 times that).

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hahah yeah...20k in debt. Not many are as lucky as the poster as 20k in college loans is a jopke.

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Wow, how many more people are going to miss the point of this thread?

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

probably everyone who owes more and is biased

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

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LOL at "rich" people getting loans for school

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are you saying i'm not rich... I really have no clue at this point

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Obv not. True ballers pay cash monies obv.

And they don't bitch about 20k. Thats like what... 4-6 weeks of work?

[/ QUOTE ]

obviously i'm not rich... i meant my parents tho... i still am not sure if they are or not tho