Parent Plus Loans

[jjdresselhaus]

What is the name of your state (only U.S. law)? MN

I'm currently about to start my senior year of college. My mother has been taking out Parent Plus loans in her name to get me through under the impression that I will be paying them back. She'll have about $32k when it's all said and done.

She has no significant assets--lives in an apartment, with a crappy car. Makes about $15,000 a year. Difficult lifestyle, but she makes due. Almost nothing saved for retirement. No need for credit going forward.

What would be the consequences of her not paying the loans? There's nothing to take, correct, since she lives around the poverty level. Could she live with the loans in a state of default for the rest of her life and just not pay anything?

 

[Zigner]

What is the name of your state (only U.S. law)? MN

I'm currently about to start my senior year of college. My mother has been taking out Parent Plus loans in her name to get me through under the impression that I will be paying them back. She'll have about $32k when it's all said and done.

She has no significant assets--lives in an apartment, with a crappy car. Makes about $15,000 a year. Difficult lifestyle, but she makes due. Almost nothing saved for retirement. No need for credit going forward.

What would be the consequences of her not paying the loans? There's nothing to take, correct, since she lives around the poverty level. Could she live with the loans in a state of default for the rest of her life and just not pay anything?

<spit>

Pay what you owe, deadbeat.

 

[jjdresselhaus]

This is a hypothetical situation. You don't know any circumstance of my life, what I'm doing with my life, her life, etc. I'd appreciate something other than a blanket statement of "deadbeat".

Anyways, it's not my debt to pay, legally. And that's what this forum is--legal advice.

 

[Zigner]

This is a hypothetical situation. You don't know any circumstance of my life, what I'm doing with my life, her life, etc. I'd appreciate something other than a blanket statement of "deadbeat".

Anyways, it's not my debt to pay, legally. And that's what this forum is--legal advice.

Then tell mom not to be a deadbeat. And pay your mom back.

Furthermore, we don't "do" hypotheticals...

 

[TigerD]

This is a hypothetical situation. You don't know any circumstance of my life, what I'm doing with my life, her life, etc. I'd appreciate something other than a blanket statement of "deadbeat".

Anyways, it's not my debt to pay, legally. And that's what this forum is--legal advice.

Then you have your answer.

Karma's a bit....

DC

 

[Ladyback1]

This is a hypothetical situation. You don't know any circumstance of my life, what I'm doing with my life, her life, etc. I'd appreciate something other than a blanket statement of "deadbeat".

Anyways, it's not my debt to pay, legally. And that's what this forum is--legal advice.

while it's not your debt, legally, at this time---your mom could sue you for breach of a verbal agreement!

Take care of YOUR responsibilities. That includes paying the debt your mom incurred for your benefit.

Having crappy credit can influence a lot more than just your ability to obtain future credit. Why would you do that to your mother?

 

[Proserpina]

Then tell mom not to be a deadbeat. And pay your mom back.

Furthermore, we don't "do" hypotheticals...

Much as I agree with you a gazillion percent or so, the deadb...er...the kid is going to get an answer because this will become a 40-page long diatribe before long and, well, the thread speaks for itself in terms of Good Kids versus Bad Kids.

So...

Yeah. She's basically uncollectable...at the moment. Of course, let's hope she never needs SSDI (which can be taken), or any credit (she won't have any), or even needs to ask her deadb...er...kid for help in the future (does this kid seem like he'd rescue Mom from the train-tracks? Nah).


Now I need to go and throw up a bit. My own apples would never even try pulling this on their parental tree.

 

[Proserpina]

while it's not your debt, legally, at this time---your mom could sue you for breach of a verbal agreement!

Take care of YOUR responsibilities. That includes paying the debt your mom incurred for your benefit.

Having crappy credit can influence a lot more than just your ability to obtain future credit. Why would you do that to your mother?

I'll take "Because it's all about ME ME ME ME ME" for $500 please, Bob.

 

[jjdresselhaus]

Y'all are ridiculous. This is a hypothetical situation. The only way this would ever be considered would be if it would be impossible to pay off said debt, and it was then my responsibility to ensure the care of my mother I'm not gonna just leave her out to dry.

 

[Proserpina]

Y'all are ridiculous. This is a hypothetical situation. The only way this would ever be considered would be if it would be impossible to pay off said debt, and it was then my responsibility to ensure the care of my mother I'm not gonna just leave her out to dry.

Sorry, sprog - we didn't start a thread asking if you were truly off free if Mama couldn't pay the loans.

 

[Just Blue]

Y'all are ridiculous. This is a hypothetical situation. The only way this would ever be considered would be if it would be impossible to pay off said debt, and it was then my responsibility to ensure the care of my mother I'm not gonna just leave her out to dry.

what a scuzz.....

 

[single317dad]

Any chance your mother has an inheritance (of any size) coming to her? An insurance settlement? Does she ever plan to open a checking or savings account? Does she play the lottery or gamble at casinos?

If 'yes' to any of those, be ready for the wrath of Mom at some random point in your future.

 

[kecochra]

<spit>

Pay what you owe, deadbeat.

Then tell mom not to be a deadbeat. And pay your mom back.

Furthermore, we don't "do" hypotheticals...

I'll take "Because it's all about ME ME ME ME ME" for $500 please, Bob.

Sorry, sprog - we didn't start a thread asking if you were truly off free if Mama couldn't pay the loans.

what a scuzz.....

She's a senior in college, obviously not able to pay her mom back yet, esp. in this economy hard on college grads. She's on a legal forum asking what can happen to her mom (who wanted to help her get thru college) and some of you insult her? Why are you on this forum? I hope you don't treat people like that in you're daily life or you'll wind up getting you're butt kicked some day. Really? High school level mentality and insults.

 

[Silverplum]

She's a senior in college, obviously not able to pay her mom back yet, esp. in this economy hard on college grads. She's on a legal forum asking what can happen to her mom (who wanted to help her get thru college) and some of you insult her? Why are you on this forum? I hope you don't treat people like that in you're daily life or you'll wind up getting you're butt kicked some day. Really? High school level mentality and insults.

We volunteer, between jobs and paying our bills and taxes.

And, apparently, answer some really presumptuous people.

ETA: Oh. Birds of a feather: https://forum.freeadvice.com/life-insurance-annuities-16/my-deceased-father-had-small-group-life-insurance-policy-100-spouse-607375.html

 

[Just Blue]

She's a senior in college, obviously not able to pay her mom back yet, esp. in this economy hard on college grads. She's on a legal forum asking what can happen to her mom (who wanted to help her get thru college) and some of you insult her? Why are you on this forum? I hope you don't treat people like that in you're daily life or you'll wind up getting you're butt kicked some day. Really? High school level mentality and insults.

You have NO clue about life or legal reality. Why do you deal with the big old basket of legal stuff on your plate rather than "teach" us how to behave. K?

Lots of luv
Blue