Question: Your first post didn’t mention any kind of disability, so you can hardly expect anyone to assume you have one unless you say so. While that’s very pertinent information, it’s certainly unfortunate that it took 3 years to ascertain that the money being borrowed for college probably wasn’t producing meaningful results, i.e., income potential.
I’ll stand by my comment that college is a privilege. Trust me, a real lecture would have been a lot more emphatic and lengthy. Under the circumstances you’ve described I’d recommend some serious belt-tightening, as in cutting expenses every way possible. I think you mentioned you’d read the archives of the group; you’ll find plenty of discussion on ways to do that. I hope things work out for you and your mother. Sounds like it’s going to be a long haul.
Answer: I would assume that as soon as you are out of school you would be taking over any college related loans. This as a ressponsible child who is concerned for his mother’s financial well being You say the mortgage your mother recently got is at 3% interest, if this is a correct figure she is a lucky woman. She, or you, need to find out exactly how much this house is now worth, now that it’s been so improved. If there is infact equity, I’d suggest that she should in fact go with an equity loan, and pay off all her bills, including your student loan. Nothing says “mom, I need help” more than a loan with an interest rating like yours. Allowing you to be suffocated with a debt like that is no way to learn how to be financially responsible.
If there is no equity, or not enough to make a dent in the total debt, I’d work on trying to get that massive loan down. I’m assuming you haven’t graduated, which means that 250 dollar monthly payment doesn’t even include the principal. Hurry, rob, steal and beg to get that paid off, or seriously paid down. Which means another loan. I think your mother can get a good sized one, because she has to have a pretty good credit rating in order to get a 25 year 3% mortgage (still stunned over that). If this works out, try and offer the company a settlement, at 70% or so, and PAY THEM OFF. You’re in luck now with the market being so bad, most collectors will take almost anything.
You say you’re doing better now that you’re on medication, my sister also saw a great deal of improvement on ADD medication, so keep taking them. I have no idea what your mother thinks or feels about this credit deal, so I won’t make judgements. She could be like my mother, who was so happy Sarah started doing her homework and attending class that she’d put up with anything. However, even if she does pay for all of your debt, I think you should make an effort to pay her back, on general principal. But, that is between you and your mother.
So, my mother always makes Sarah lists to help her stay on task, so I’ll do the same for you.
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