The other day a reader e-mailed and said he needed some help. I always tell you all that I welcome your e-mails all the time, so if you have a question that you would like me or my readers to answer, then go on and ask. If you don't know the answer or want more opinions, I'm sure that there are plenty of other people who are wondering the exact same thing.
This reader e-mailed me after (what I'm assuming) reading my numerous posts about how I want my student loans gone. I do talk about it in nearly every post as it CONSUMES my life it seems like. I graduated with approximately $38,000 in student loan debt… This does include two undergraduate degrees and my Finance MBA though.
Here is the e-mail that I received:
“Son wants to go to law school in about 6 months. Spouse and I have put him through undergrad debt-free (along with a number of perks – studying abroad, travelling abroad, car, insurance etc).
Law school is outrageously expensive and even with his scholarships he's going to be paying out of pocket $30-$40,000/ year. They max out your Stafford loans for law school at $20,500 so just exactly where do we makeup that additional $10-$20,000 a year?
We could (and may) tap our retirement funds – and take the hit on that tax wise and penalty-wise, but I am NOT under any circumstances taking out a parent plus loan.”