How Do Student Loans Impact Parents? | McCarthy Law
April 13, 2022

How Do Student Loans Impact Parents? One Student Shares Their Story

Parents are usually their children’s biggest cheerleaders and champions for getting a higher education. Many parents will do whatever it takes to help their children get into college and obtain a degree, including supporting them in getting student loans. The impact of student loans on the students who follow them is well discussed, but when children take out student loans, it can also impact their parents. 

In their story on Insider, Leo Aquino shares how their student loan troubles impacted their mother. The pressure of paying back their student loans hurt their relationship on many levels. If you and your parents find yourself stressed about repaying student loan debt, reach out to a student loan lawyer who can help you explore the options for reducing what you owe through student loan settlement.

Parents Can Be Financially Burdened by Their Child’s Student Loans

Some parents already have their own financial troubles, so taking on the financial burdens of their children can be overwhelming. Often we see student loan debt as the student’s problem after they graduate, but there are many cases of students having to rely on their parents to obtain necessary financial aid. For parents who cannot provide the funds out of pocket, there’s the option of co-signing loans for their children. As a co-signer, your parents will be on the hook for your loans if you do not pay. 

Parents can also take out a parent PLUS loan to help fund their child’s education. Parent PLUS loans are student loans parents can take out to pay for their kids’ educations. Parent PLUS loans, unlike other types of federal student loans, have almost no borrowing limits. Parents can borrow up to the cost of attendance, excluding any other financial aid their child may have received. Parent PLUS loans also have high interest rates, causing debt to build quicker for parents.

Leo shares that their mom co-signed $82,000 worth of federal and private student loans, and she even took out Parent PLUS loans to help them pay for college.

Student Loan Debt Can Put a Strain on a Parent’s Relationship with Their Child

Financial issues are a significant factor in the deterioration of many different relationships. Children often rely on their parents financially, even as adults, but this dependence can come with a lot of guilt and shame on the child’s end and stress on the parents’ end. When parents take on debt with their children and must act like their debt collector, it can strain their relationship.

In Leo’s case, their guilt about sharing debt with their mother led to them avoiding talking to her about money, denying themselves an opportunity to have a meaningful conversation. The stress of dealing with student loans had resulted in an unhealthy dynamic between them. After finally addressing their financial issues together, Leo was able to express that inner turmoil and receive comfort and wisdom from their mother that would fuel a healthier, more communicative relationship between them.

Student Loan Debt Can Makes Parents Confront Their Children’s Financial Reality

Parents don’t always understand what their children have to go through to survive and be successful in today’s world. Sometimes that lack of understanding will make them out of touch and unable to empathize with their children’s struggles. When parents are aware of their children’s student loan debt or even carry the burden with them, it becomes apparent just how difficult it is to thrive financially after paying for an education in today’s world. 

We don’t know how Leo’s mother felt about her child’s generation or the student debt crisis before she signed up to be a part of their student debt journey. However, it is clear from the wisdom she imparts on her child that she understands their struggle and is aware that this is a struggle they are sharing together with everyone else in the country.

Get Help from an Experienced Student Loan Debt Lawyer

Whether they are federal or private, student loan debt is a financial burden that can impact not just the students, but also their families. Parents, partners, and children can all be affected by the financial strain caused by student debt. While the experience and knowledge from your education may have been worthwhile, it’s understandable that you would feel overwhelmed trying to pay off your student loan debt. 

If you’re struggling to repay your student loans, at McCarthy Law, you can talk to an experienced student loan lawyer about your debt settlement options. Our firm has helped numerous clients reduce their student loan debt. Consult our skilled lawyers today to learn more about you and your family’s options for debt settlement. Schedule your free consultation today by calling (855) 976-5777 or filling out our contact form.

Get More Information