Saving Our Son From Student Loan Hell

Summary

Podcast Summary: Saving Our Son From Student Loan Hell

Podcast Information:

• Title: Jill on Money with Jill Schlesinger
• Host: Audacy
• Episode: Saving Our Son From Student Loan Hell
• Release Date: December 18, 2024

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Introduction

In the episode titled "Saving Our Son From Student Loan Hell," hosts Jill Schlesinger and Mark T. McGowan delve into the pressing issue of student loan debt, particularly focusing on a real-life scenario submitted by listeners Joe and Liz. The couple seeks expert advice on how to assist their 24-year-old son, who is grappling with substantial student loan burdens.

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The Problem: A Son Overwhelmed by Student Loans

Joe and Liz introduce their son's financial predicament:

• Son’s Financial Status:
  • Age: 24
  • Annual Income: $55,000
  • Student Loans:
    • Private Loan: $96,000 at 10% interest
    • Government Loans: Two additional loans totaling approximately $43,000 with varying interest rates (2%, 3%, and 6%)

Joe explains, “He’s getting particularly killed with a bad loan that is... the interest charges... it’s gone up to 15k in interest loans” (03:01).

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Background: Family’s Financial Health

Joe and Liz provide an overview of their own financial situation to contextualize their ability to help:

• Income:
  • Joe: $140,000 annually
  • Liz: $140,000 annually
• Retirement Savings:
  • Joe’s 401k: $127,000
  • Liz’s Funds: Pension plan starting at age 64 ($2,500/month), HSA ($100,000), and additional retirement accounts
• Assets:
  • Home: Valued at $700,000 with a remaining mortgage of $60,000 at 4.875% interest
  • Inheritance: Anticipated $70,000 from Liz’s mother's estate
• Other Financial Obligations:
  • Monthly Expenses: Approximately $8,000

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Discussion: Strategies to Alleviate the Son’s Loan Burden

Mark T. McGowan guides Joe and Liz through potential strategies to reduce their son's financial strain:

1. Refinancing the High-Interest Loan:

   • Proposal: Parents consider paying off the $96,000 loan and restructuring it at a lower interest rate (e.g., 3%).
   • Mark’s Insight: “You're refinancing the loan for him” (23:32). This approach would lower the monthly payments from $1,000 to approximately $660 over 15 years.

2. Utilizing Retirement Funds:

   • Strategy: Withdraw a portion of Joe’s 401k to pay off the loan, leveraging lower income in the following year to manage tax implications.
   • Mark’s Advice: “Take out 50 or 60 grand from that 401k, pull it out, you’ll have that money... when you get mom’s money, you pay this whole thing off” (14:26).

3. Inheritance as a Financial Boost:

   • Timing: The $70,000 inheritance from Liz’s mother's estate is expected in March.
   • Application: Use these funds to further reduce the loan balance and invest in more stable financial instruments.

4. Financial Responsibility and Budgeting:

   • Emphasis: Encouraging the son to maintain a disciplined budget and prioritize high-interest debts.
   • Mark’s Point: “Let him feel what that feels like” (17:39), highlighting the importance of financial accountability.

5. Optimizing Investments:

   • Recommendation: Diversify the brokerage account holdings from single stocks to a mix of large-cap stocks, ETFs, or bond funds to stabilize returns and grow the investment portfolio.

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Insights and Key Takeaways

• Equitable Support vs. Equal Support:

  • Discussion: Joe and Liz differentiate between helping one child equitably rather than equally, ensuring that support is tailored to individual needs without disadvantaging other siblings.
  • Joe’s Clarification: “Equitable is different than equal” (10:57).

• Long-Term Financial Planning:

  • Advice: Focus on long-term strategies such as retirement planning and investment diversification to ensure financial stability while addressing immediate debts.

• Parental Involvement and Boundaries:

  • Balance: While supporting their son, Joe and Liz emphasize the importance of fostering financial independence and responsibility.

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Conclusion

Mark T. McGowan provides Joe and Liz with a comprehensive plan to alleviate their son’s student loan burden through refinancing, strategic withdrawal from retirement accounts, and utilizing forthcoming inheritance funds. The episode underscores the delicate balance parents must maintain between providing support and encouraging financial autonomy in their children.

Notable Quotes:

• Joe: “He’s getting particularly killed with a bad loan that is... the interest charges... it’s gone up to 15k in interest loans” (03:01)
• Mark T. McGowan: “You're refinancing the loan for him” (23:32)
• Joe: “Equitable is different than equal” (10:57)
• Mark T. McGowan: “Let him feel what that feels like” (17:39)

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Resources Mentioned:

• Podcast Contact: Listeners seeking similar advice can reach out via jillonmoney.com and join live discussions.
• Financial Tools: Mark offers to perform amortizations and financial analyses to aid in decision-making.

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This episode provides valuable insights for parents grappling with how to support their children amidst rising student loan debts, emphasizing strategic financial planning and fostering responsible money management.

Transcript

[Jill Schlesinger]

Hey, gang, it's the holidays.

[Mark T. McGowan]

And I know that means you're going.

[Jill Schlesinger]

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[Mark T. McGowan]

Welcome to the Jill on Money show. It's Wednesday, December 18th, and we are here trying to help you make better or less bad financial decisions. If you need some guidance, if you need a little mentoring, a little coaching.

[Jill Schlesinger]

Give us a shout.

[Mark T. McGowan]

Go to jillonmoney.com, click the contact us button and let us know if you want to join us live on the air by checking the box. Because Mark, the best executive producer in.

[Jill Schlesinger]

The whole wide world, he'll do everything else.

[Mark T. McGowan]

He'll arrange for everything. Now, Mark, I forgot to tell you, someone was saying, commenting to me about how prescient we were to be able to create a way to talk to people about their money by using the interwebs. And I said, yeah, Mark had this whole thing down before COVID We were rocking and rolling and we've just enhanced and refined it every single day. So thanks to Mark for that. He really is the mastermind behind all of this. I'm just the nice voice. We're both certified financial planners and that means we like to Talk to you about your whole life and figure out what it is that you're trying to do, and maybe we can help you get there or at least consider various options. Today we're joined by road warriors Joe and Liz at an undisclosed location, but in a vehicle. Hello, Joe and Liz. How are you guys?

[Joe]

Hey there. Thanks Very well. Thanks.

[Mark T. McGowan]

What's going on? How can we help you out?

[Joe]

Well, we were hoping to get your insight on the situation we have with our son where he's just getting slammed with his student loans. He graduated from college a few years ago. His job, he's working full time. He makes about 55k, but his student loans are way over. Whatever that. That rule of thumb is about percentage of your loans versus what you're making. He's getting particularly killed with a bad loan that is. I say bad because it's the rates jumping all over the place. It's gone up to 15k in interest loans and just since he graduated, it's crazy. So the interest, interest charges, I should say. So that one is up to 96,000. He's just feeling he's never going to get out from under it.

[Mark T. McGowan]

So wait a second, wait a second. So how old is he now? 25 ish?

[Joe]

24.

[Mark T. McGowan]

24. He's making 55 grand a year. He's got one loan that's 96,000. And what's the interest rate on that?

[Joe]

10%. And this one is one. When I say this one loan, it's like one of. He's got two others. That one's like a Sallie Mae. And. And the more of the government ones that are subsidized and unsubsidized and at lower percentage rates and more manageable, he can pick at them.

[Mark T. McGowan]

What are those? What? Give me those two other loans.

[Joe]

So I have just the rough number of 20, 28,000 on one of them, 23,000 on another one. And they're each made up of, you know, different little mini loans.

[Mark T. McGowan]

Yeah.

[Joe]

Each semester kind of thing.

[Mark T. McGowan]

Is it like 6 or 7% on those?

[Joe]

They range 2%, 3%, 6%. Like on a particular one that might be like at 3,000.

[Mark T. McGowan]

Okay. All right. But it's the 10 percent one, which is, I bet, a private loan.

[Joe]

Yep, yep, yep.

[Mark T. McGowan]

Okay, let's go back in time and we don't have to relive everything, but I do want to understand the idea that he was borrowing all this money to go to some school. I presume was this for a private school or public school?

[Joe]

It was. It was a state school. That was not our state. So essentially way more than it would have cost. He couldn't get into our. He didn't get into our state school. So. But this other one, four hours away, he was able to get in and he just had his heart set on going to college like his three other siblings did, and he.

[Mark T. McGowan]

Oh, my God, there's three other kids. Oh, gosh, here we go. Okay, so.

[Joe]

But.

[Mark T. McGowan]

But did you. Okay, this is just like, we don't. Again, I don't want to go back and like, belabor this, but did you say to him, like, you listen, if you're going to go do this, you're on the hook for these loans. Like, we got three other kids. We can't do this. Yeah. Okay, so the other three kids, how old are they?

[Joe]

30 and 28 and 26.

[Mark T. McGowan]

And are they okay? Like, they're. They.

[Joe]

Yeah, yeah.

[Mark T. McGowan]

Launched. So we've got this one F up. I'm just kidding.

[Joe]

The youngest, we won't find the prodigal son.

[Mark T. McGowan]

The prodigal son.

[Joe]

Okay, so taking matters into his own hands, finding this loan, getting to the school he wanted to go to, so.

[Mark T. McGowan]

Right. And then. Then screwing himself essentially, a little bit.

[Joe]

Yes.

[Mark T. McGowan]

Okay, so how do you. What do you guys want to do about. You want to help him?

[Joe]

So. Yeah, so it's what we were trying to figure out. Normally we're very much like a here's your bed, go lie in it and fix the problem. But this scenes is just so ridiculous. And we do have. For our situation, it's something that we could pay off this one 96,001 and have it pay us back at a reasonable student loan rate of like.

[Mark T. McGowan]

All right.

[Joe]

We were thinking like 3%.

[Mark T. McGowan]

Okay. So this makes. I understand this. So can you tell us a little bit about you guys? Like, what's going on? You guys still working full time?

[Joe]

Yes. So Joe is currently. He was laid off and is looking for something. And he has his 401k from that job of 127. So that's what we wanted to work with because the rest of our retirement situation is pretty good. And I can go through those numbers if that's helpful.

[Mark T. McGowan]

Okay. Yes. First of all, Joe, how old are you? We're not letting him off the hook. How old are you, Joe?

[Liz]

56.

[Mark T. McGowan]

56. Okay. And Liz, how old are you?

[Joe]

Same. 56.

[Mark T. McGowan]

Okay. And you're working full time, Liz?

[Joe]

Yes.

[Mark T. McGowan]

Okay. How much do you earn?

[Joe]

122. Oh, wait, no. 140. Sorry.

[Mark T. McGowan]

I like that better. Wait, 270. No, sorry.

[Joe]

A Billion dollars.

[Mark T. McGowan]

Uh, are either of you guys entitled to pensions?

[Liz]

Yes, I am 20.

[Mark T. McGowan]

Oh. What? Tell me about the pension, Joe.

[Liz]

64. $2,500 a month.

[Mark T. McGowan]

Okay, pension at age 64, $2,500 a month. What else do we have that's been squirreled away for you guys besides Joe's 401k?

[Joe]

Okay, so my 401k is currently at 1.6.

[Mark T. McGowan]

Oh, yeah. Oh, sorry. That was me.

[Joe]

Then I also. And then I also have. Will have a retiree health plan at retirement that they did a, like, pension conversion just after I joined. So I'll get that. It's currently at 57. I have a HSA at 100. I also have a rollover from a previous job that's at 662. So Joe has a rollover from his previous job at of 2 and 28. And then we do have a mortgage with a little bit left at 60k. And we have parent plus student loans at. I think they're about at that same amount right now. 60.

[Mark T. McGowan]

Okay, the mortgage, what's the interest rate on it?

[Joe]

4.875.

[Mark T. McGowan]

Okay, and what's the house worth?

[Joe]

700.

[Mark T. McGowan]

When you look at all of your spending right now, including, you know, the parent plus loan, the house, living your lives. Right. What do you think you spend on a monthly basis?

[Joe]

About eight.

[Mark T. McGowan]

Eight grand a month. Okay, so what's the game plan on retirement for you? How long do you think you'll be working?

[Joe]

We were hoping to just, like, in the next three years be done, except.

[Mark T. McGowan]

That this damn kid's gonna really. I'm sorry. Okay, eight grand. You got a lot of money saved. I mean, you have a lot of money. Is there anything else in your. The Joe and Liz story that we should know about? Is there a second home, a rental property? Is there a desire to sell your primary residence and move somewhere else?

[Joe]

No, we have. There's a. We have, like, a vacation home that's in a family trust, so it's not something that we would dip into, but it's certainly something that we could always, like, vacation to. So we haven't really thought, like, buying something else.

[Jill Schlesinger]

Good.

[Mark T. McGowan]

That's even better. So how do you feel about doing this for one kid when the other three kind of were, you know, like, do you have any issue around that? I just. I should just want to point that out that a lot of people, not everybody will have, like, oh, it has to be equal. But I. Like, it's equitable, you know, like, it doesn't have to be even Steven Exactly.

[Joe]

Equitable is different than equal, I think.

[Mark T. McGowan]

Okay.

[Joe]

It's not just gonna pay us back. Exactly. It's not like you're giving it to us.

[Liz]

We come to a point where like, well, we really don't need it and, you know, things worked out fine.

[Mark T. McGowan]

No, but then you had. Then it isn't. Then it isn't equal or, or equitable. So let me ask the question. So, Joe, do you. What's your prospects on getting another job? You. Are you like, I want to do this? Or are you like, eh, I don't care. I could do it. I could not do it.

[Liz]

I'm so like the.

[Mark T. McGowan]

I hear you.

[Liz]

Yeah.

[Mark T. McGowan]

Liz is not. Liz is not on board with that, in case you were wondering.

[Liz]

I think I do something.

[Mark T. McGowan]

FYI.

[Liz]

Yeah. I think I do something part time.

[Mark T. McGowan]

Okay.

[Liz]

That's. Both of our goals is to like, eventually just something part time to keep a little busy and then travel.

[Mark T. McGowan]

Okay. Okay. Got you. Both of you are entitled to Social Security.

[Liz]

Yep.

[Mark T. McGowan]

What. Do you know what those numbers are like at age 67 or 70?

[Liz]

I think they're both roughly around 3,000.

[Mark T. McGowan]

Okay, so what we know. Let's just say that. Let's just say that by the time you're 67, you'll have six grand of Social Security. Ish. The $2,500 a month pension which will have been kicking in. And essentially, you know, you got the vast majority of your expenses covered. You would need to dip into your money, you know, because this, this money that is pension and Social Security will be taxable and you'll want to do other stuff. So I could see why you're looking at your own situation and saying, all right, we have $2.5 million in retirement assets. We're in good shape. We got the healthcare part of it. Like, this is all, like, we're in good shape. Our house is going to get paid off. Everything's good. Right. So now the question is, where do we pull the money if we want to actually help this kid out? And so you're saying, you know, you've got. It doesn't really matter. Honestly, like, you're over. You can trigger the rule of 55, you can get money out. And to some extent, I would say this. Joe, what were you.

[Liz]

Real quick, I forgot to mention?

[Mark T. McGowan]

Sure.

[Liz]

I'm going to be getting about 70 grand from my mother's estate that just recently passed away next year.

[Mark T. McGowan]

Oh, I'm sorry, next year?

[Joe]

Yeah.

[Mark T. McGowan]

Will that 70 grand be like inherited IRA or will you receive that outright?

[Liz]

That's just received Outright from the sale of a house.

[Mark T. McGowan]

Oh, and that's next year?

[Liz]

Yes.

[Mark T. McGowan]

Oh, this is great. I mean, not great for your mom. Sorry. Sorry about that. So great for my financial idea here. Okay, so, Joe, are you getting paid through this year or any. Do you have severance? Like, what's. I'm trying to figure out what your tax situation is right now versus a year from now.

[Liz]

Just unemployment.

[Mark T. McGowan]

Just unemployment. Okay.

[Joe]

That's what triggered this question, because it was time to roll this over. He's getting, like, whacked with fees. We're leaving it. And so we wanted to move it and roll it. And we were like, where do we roll it to? And we have the other IRAs and fidelity. Sure, that's where that came from.

[Mark T. McGowan]

When is unemployment up? When is that done?

[Joe]

August 15th, 2025.

[Mark T. McGowan]

Okay, so. But your income is going to be lower next year than this year, right?

[Liz]

Yes.

[Mark T. McGowan]

So hold on. We only have a couple weeks left in the year, so let's hold our breath for in January. What I would think about doing is accessing your 401k and pulling out, let's say, 50 grand.

[Liz]

Yep.

[Mark T. McGowan]

Let's say 55, 60 grand. It doesn't matter, really. When do you think you're going to get mom's inheritance, that check?

[Liz]

Probably March.

[Mark T. McGowan]

Okay, this is good timing. So you can take. Take 50 or 60 grand out of that 401k, pull it out, you'll have that money, whatever you get, then immediately turn around, and let's think about that as your first chunk of money for the kid's loan. When you get mom's money, you get the rest of that money and you're gonna pay this whole thing off for the kid. So then what you're gonna need to do is create a document which says, to your kid, we paid off your $96,000. And here's what you're gonna do. You're gonna pay us. What are you earning on your money and you're like your checking savings accounts. 3%, 4%.

[Joe]

Yeah. Yeah. Three.

[Mark T. McGowan]

Three. Okay. So, I mean, I could live with you saying we're gonna have you pay us back for 10 years. Let's just make it easy like that, at a 3% rate. And he'll pay you back and you'll. Now he'll be relieved of that 10%. Huge number. And he can work really hard at paying down the highest interest debt. Like you said, he has some 6%. Whatever's the highest. He should be. Whatever was going towards the, you know, that 96,000. And having this like, he's going to work hard to pay this off. Is he. Is he a responsible kid?

[Joe]

Which is working on it. He's working on it. He's a work in progress.

[Liz]

That's what we're trying to fix.

[Mark T. McGowan]

Okay. I mean, because there's a part of me that's like, I don't want him to just, like, then run off and, you know, we need to get him set up to succeed.

[Joe]

Exactly.

[Mark T. McGowan]

Right.

[Joe]

I think this next step will help with that because he's so bummed. He just sees no end in it.

[Mark T. McGowan]

Yeah. Does he live home?

[Joe]

Yes.

[Mark T. McGowan]

So 55 grand a year with pretty low expenses is kind of this. He should be able to make a. Like, now you're in the perfect rule of thumb area, like, forgetting about your hundred, the 96 that you're going to pay off. But if he had 28 and 23 at, like. Right. If he had that amount of outstanding debt, making 55 grand a year, he'd be fine. He really would be. So what we. There's a couple of things that you can do. You can say to him, all right, you know what we're going to do? We're going to pay off this loan and we're going to set you up, but we really want you to work with us. We're going to look at your budgeting, and we're going to see how much money is going to each of these loans and how much you're going to pay us. And does he have a retirement account at work?

[Liz]

Yes.

[Joe]

Yep, he did.

[Mark T. McGowan]

Is he using it or not?

[Joe]

Yes. Yes.

[Mark T. McGowan]

He's putting in, like, up to the match.

[Joe]

Yeah.

[Liz]

Like 15% we required. But do you think that's smarter? Should he focus on.

[Mark T. McGowan]

No, I think he should just put up, like, whatever it is, like 6%, and then every available dollar goes to paying down the rest of his debt. Okay. Like, especially that till he gets that 6. Until you're at 3% or less. Like, let him pay off the debt. Let him feel what that feels like.

[Joe]

Yeah.

[Mark T. McGowan]

Right. Okay. So if you want to, you're going to be in such, you know, I don't know, how much money do you have, like, in brokerage or cash or what do you got in the other. Other stuff that's going on?

[Joe]

Yeah, we have like 30 in cash, 110 in stock from a previous job. Joe has another 13k from a previous job as well.

[Mark T. McGowan]

Is that a brokerage account or the stock?

[Joe]

It's listed in the accounts. Like a brokerage. Yeah.

[Mark T. McGowan]

Okay.

[Joe]

Brokerage.

[Mark T. McGowan]

Your stock, your 110. Just out of curiosity, is that in a single stock or just in a, an account with a lot of stuff in it?

[Joe]

It is, it's a, it was like a, from an IPO from a previous job. So they were like, here you go, have some stock.

[Mark T. McGowan]

Oh, okay, so it's now in a single stock?

[Joe]

Yes, yes. And it's.

[Mark T. McGowan]

Okay. Has it made a ton of money?

[Joe]

It's like doubled over the.

[Mark T. McGowan]

Oh, that's good.

[Joe]

Yeah, because it started out at like 20 and that was, I don't know, 15 years ago.

[Mark T. McGowan]

The reason why I'm thinking is like, look, you guys are going to have a tax problem, meaning you have a lot of money that has not been taxed yet, right?

[Joe]

Yeah.

[Mark T. McGowan]

Right. So again, all I'm suggesting is that like, all right, maybe we just take this money out of the 401, the current 401k. We pay the tax that's due next year. Right. 20, 25, you pay the tax that's due and you got the money and you pay off the kids loan. When the 70 grand comes in from the inheritance, you add it to whatever brokerage account you have, like from that IPO stock. And now we start to build that account up a little bit with boring stuff. Like maybe instead of putting it into single stocks, we have, we convince you that maybe it's time to put in, you know, a large cap stock fund or an ETF or bond fund and then we just start to nurse that one along. What do you think?

[Liz]

Yeah, no, I like that.

[Mark T. McGowan]

I think I like that because it cleans up the old 401k and we pay the tax that's due, but you're going to have to pay the tax no matter what and next year is going to be a lower tax year. Mark, can you do an amortization for me? Just because Mark's the kind of guy, he's got a little, he's got an open calculator when we're on these conversations and I don't have one because I'm highly focused on you guys and listening to you. If $96,000. Mark, give me a 10 year amortization at 3% and tell me what the monthly amount this kid owes mom and dad. 900 bucks. So that seems like a lot still. What is it? If I go on it on a 15 year, 660, so it's 660amonth at the 96,000 would be 660amonth for the next 15 years. How do you think that. It seems okay to me right what's he paying now?

[Joe]

One of those, like, budgets with an Excel spreadsheet. And that kind of thing was where we were tweaking it. Like, I did, like, what you guys thought. 10 was a nice round number, but 900 still didn't feel very good.

[Mark T. McGowan]

No.

[Joe]

So. Because his other student loan altogether, monthly is 600, and the other one is 228, so it still gets him way lower. Like, right now, that one loan is over a thousand dollars. So that cuts it.

[Mark T. McGowan]

So right now he's got. Wait, he's got 602, 28 and. And then we're going to pop another 660 on there.

[Joe]

Correct.

[Mark T. McGowan]

I don't know. It's like, it depends how much you really want to help him, but if he's living home, you're helping him.

[Joe]

Well, that's the thing. He has really no other expenses, and he just has to buckle down. And I think the fact that this big payment will be cut in half will be. Will be huge. So.

[Mark T. McGowan]

Yeah, I do, too. I do, too. Because, you know, right now it's going to be like, all right, so he's got $1,500 a month of payments. It's as if he were. That. That is rent. Right. Hopefully he'll keep making more money. He'll get raises. This will get easier and easier, and at some point, he'll. But for the next few years, honestly, just put in to retirement. Up to the match. Let's get this thing under control. If he wants to move out, then he's got to have to show you that he has a lot of money saved. And this is like, you got to give him a little bit of the, hey, this is it. This is one get out of jail free card. You go out and run up credit card debt, or you go buy a car, A stupid car with a dumb loan. It's on you, baby. Right, right, right.

[Liz]

Yep.

[Mark T. McGowan]

All right. I feel like I'm on the.

[Jill Schlesinger]

I feel good about it.

[Mark T. McGowan]

I. I want to give the kid a second chance.

[Joe]

Us, too. Yep, exactly. Us too. So this has been super helpful.

[Mark T. McGowan]

All right, well, listen, we won't make.

[Joe]

A move until 2025, because that's Joe's year that he out. Right. Work still. So it'll be a lower year.

[Mark T. McGowan]

Exactly right. Exactly right. I don't know how you guys feel about whether you want to talk to the other kids about this or not. What do you think?

[Joe]

Oh, for sure. Yeah. Because they're all like. There's been times where he's needed help with the Bill. And he'll ask his siblings. You know, they're very tight.

[Mark T. McGowan]

Yeah.

[Joe]

So they want to see him be successful as well. And.

[Mark T. McGowan]

All right.

[Joe]

So I don't think that that part of it will be an issue because.

[Mark T. McGowan]

Okay.

[Joe]

You know, we are not, like, just paying it outright. And.

[Mark T. McGowan]

Yes.

[Joe]

This. It's basically just really helping get. To get something that has a more realistic.

[Mark T. McGowan]

You're. You're refinancing the loan for him.

[Joe]

Exactly.

[Mark T. McGowan]

Yeah, we're doing a refi for you. Exactly Right.

[Joe]

Because that's another step he did try to take and went through. Through and just because of, like, you know, that whatever that rule is about the. To having too much credit based on what you earn or whatever. He was.

[Mark T. McGowan]

Yeah.

[Joe]

Just immediately. And that was another, of course, another blow where he was like, what do I do? So.

[Mark T. McGowan]

Yeah, yeah, I. I get it. I get it. I think you're. You're very kind. You're very good parents, and let's. Let's get. Let's make this kid succeed. Let's see if we can help him out. All right.

[Liz]

Thanks for.

[Joe]

All right. Yeah, thanks for helping.

[Mark T. McGowan]

I feel like I just paid off $96,000 myself.

[Jill Schlesinger]

I feel so relieved. Oh, thank.

[Mark T. McGowan]

My shoulders are relaxing. Hey, if you've got a kid who needs a little bit of a boost and you want to know the best way to help the kid, or even, by the way, an adult parent who, by the way, kind of. They screw up, too, if something's going on intergenerationally, intragenerationally, if you need some help with your household, your family, give us a holler. Go to Jill and money dot com, click the contact us button.

[Jill Schlesinger]

Let us know if you want to.

[Mark T. McGowan]

Come on the air. It's so great when we have both of you, the couple, or even if the kid were on the line, we would be able to help that with that as well. So come on, we can talk it through, and chances are we'll get you to a good conclusion. You can subscribe to us on the Odyssey app or wherever you find your favorite podcast. Please leave us a A rating and review. Wherever you listen. Put your hands metaphorically on someone's back. Someone needs a little pat on the back or maybe even a hug. Change your work, change your wealth, change your life. Thank you for listening and we'll talk to you tomorrow.

[Jenna Fisher]

Gearing up for holiday shopping. Introducing Klarna, A smarter way to spend. Klarna has a new cashback program where you actually get rewarded for shopping. Plus, you can split your purchases into four payments. With zero interest. It's like having a smart, flexible shopping buddy, making your holiday gift buying easier. Choose Klarna at your favorite retailers or shop [e-mail] California resident loans made or arranged for suicide California Finance law license and MLS number 1353190 Klarna balance account required.

[Mark T. McGowan]

Klarna may get a commission.

[Jenna Fisher]

Limitations, Terms and conditions apply. I'm Jenna Fisher. And I'm Angela Kinsey. We are best friends and together we have the podcast Office Ladies where we rewatched every single episode of the Office with insane behind the scenes stories, hilarious guests and lots of laughs.

[Joe]

Guess who's sitting next to me? Steve.

[Jenna Fisher]

In the studio. Every Wednesday we'll be sharing even more exclusive stories from the Office and our friendship with brand new guests and we'll be digging into our mailbag to answer your questions and comments. So join us for brand new Office Ladies 6.0 episodes every Wednesday. Plus on Mondays we are taking a second drink. You can revisit all the Office Ladies rewatch episodes every Monday with new bonus tidbits before every episode. Well, we can't wait to see you there. Follow and listen to Office Ladies on the free Odyssey app and wherever you get your podcasts.