Quoted from Abigail Van Buren
June 12, 2015 1:00 AM
DEAR ABBY: I am a single woman who borrowed $80,000 to send my daughter to college with the understanding that she would take over the payments once she was professionally established. She is now so “into” her new lifestyle that she is refusing to have contact with her “poor” birth mother. She refuses to take responsibility for repaying the loan, which is in my name, and says “tough luck” to my stupidity.>This means I will have to continue working until I drop dead. Abby, I am 60. Is there any help for me? Has this happened to other baby boomers? — POOR BIRTH MOTHER IN GEORGIA>DEAR POOR: Sadly, yes it has. And no, there isn’t help for you. Because the agreement with your daughter was verbal and wasn’t put in writing, you don’t have a legal means to force her to assume the loan payments.
Eduhonesty: We have to reign in this agenda of college for all. I feel so sorry for this woman. She did what society pushed her to do, believing she was doing the right thing. The lesson from this post should be shared with parents. Get that repayment plan in writing even if it’s an agreement with your child.
And only shoulder this burden if you can afford to pay the loans.