In this Mailbag, Jean talks to Patti and Patrick about the substantial student loan debt they’ve incurred on behalf of their daughter. They explore various ways to pay it down, including using a home equity line of credit or tapping into retirement funds. Jean gives detailed guidance on the best approach to consolidate the debt. The episode also touches on the broader financial responsibilities parents face, and the importance of open communication with children about the realities of debt. 

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

Takeaways:

Chapters:

00:00:00: Introduction

00:02:52: Details of Student Loan Debt

00:05:18: Interest Rates and Consolidation Options

00:07:52: Home Equity and Savings

00:13:38: Financial Planning and Parental Support

00:16:08: Next Steps

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices