A (1:54)

Do you have any other ideas for your future?

B (1:58)

I would like to go into franchising and continue with the quick service.

A (2:04)

Okay, so you found your spot.

C (2:06)

That's cool.

A (2:07)

That's great.

B (2:07)

Yeah, no, I love it.

C (2:08)

Okay, great.

B (2:09)

I came back after over Covid, fell in love. We realized this is what I want to do.

C (2:13)

Okay, great.

A (2:13)

That checks that box. And now we can we bring Jade in here and we start going? Okay, let's knock this out. Let's get her the full picture. Beyond the 70,000 and in over three student loans, what other debt do you have? Give us the full picture.

B (2:26)

So I have about 4,500 on a credit card. I've been pretty aggressively or trying to aggressively paying that off at the moment. I do also have about 3,000 left on a car loan.

C (2:42)

Okay.

B (2:44)

And I also have 9,000 of my own student loans as well.

C (2:51)

So what was the deal on the student loans? Did you know from the beginning that you were going to be on the hook for those parent plus loans, even though it was just your dad's name on the note?

B (3:02)

I did not know they existed.

C (3:04)

Oh, how did you find out?

B (3:06)

So, because my uncle is a co signer on them. And so I was paying the ones that were in my name and I was doing that all. Actually, I started paying them early, before I even had to. I did not want them gaining more interest. And, you know, so it was your.

C (3:22)

Uncle and your dad. Your uncle and your dad took these out?

B (3:27)

Yeah, so my dad took them out and my uncle had to co sign on those loans for them.

C (3:31)

How did you think education was being paid for when you were showing up for class in your mind, how was it being paid for?

B (3:39)

So I knew I have some loans, but when I was filling out the, like, FAFSA and doing that stuff with my dad, I was under the impression that I had, like, grants and that it was, you know, that I had gotten assistance from the school.

C (3:53)

So you thought the 9,000 a lot more. You thought the 9,000 was it and everything else was grants and help.

B (3:59)

So the 9,000 is what's left. It was originally 20, but I paid it down to nine so far.

C (4:06)

So how did it come to be that you're paying for loans that you didn't even know were being taken out? How did that happen? Did your uncle call you up? Dad called.

B (4:15)

Yeah. I got an email from my uncle saying, you know, like, hey, why haven't you been paying your student loans? And I was very taken aback because I was like, I. I have been like, I started doing it early. I don't know what you're talking about. I showed them my loans as well. And then, you know, he pulled up what he had and he showed me, no, they're past due. Like, I don't know what you're. Listen, this is. And then we figured it out. And then my father finally was like, oh, yeah, like I had to do that.

C (4:42)

Listen, I'm not in the business of splitting up families or, you know, trying to cause drama between families. This is so. This is so messed up. It's really messed up.

A (4:55)

It's a polite way of saying it.

C (4:56)

Yeah, it is. And I want to know. But it might not be as messed up if I hear your side of it. In your mind, are you like, this is my Responsibility. I'm happy to pay it. It was my education. It makes sense to me, Jade. I'm cool. Or. Or is this something that causes you a bit of resentment and anger and is it problematic for you emotionally?

B (5:17)

Half and half. I'm definitely not going to let it get in the. In between my relationship with me and my father and any means. Been a great dad, you know, nothing like that. I was definitely a little frustrated with him because about two years ago I was looking to move out and I did end up moving out, but before I did, a similar situation happened with my brother as well where he had student loans that he was not aware of that my father did also take out. I don't know if they were under his name or under my brother's name in that situation, but, you know, I just remember him being pretty upset not knowing about those.

C (5:57)

Yeah.

B (5:58)

So before I moved out, I went to my father and asked him, I was like, hey, do I have any other student loans that I'm not aware of that I should be paying right now before I move out? Because if I did know that I had this 70k, I probably would not have moved out when I did. I would have stayed home and tried to put more of my resources towards these to get them paid down. And how long after my dad was.

C (6:23)

Like, how long after the fact that they were due did you find out about them? Because, you know, after six months they become due to. Upon graduation. So how long?

B (6:31)

Yeah, I think there was, there was some for like, I forget what it's called, but they, they were like pushed back because of COVID and there was a lot of stuff there, but.

C (6:41)

And you didn't know all that time, all that time that you could have been paying them off interest free? You didn't know about him?

B (6:46)

I did not know about.

C (6:47)

Let me tell you, I'm going to be, I'm going to be flat out honest with you. I love relationships. I love that you are honoring your parents. This is bothering me. I, um. Now if you tell me this is your life, so you can decide if you tell me, Jade, I'm just going to go ahead and pay it. Can you please move on with the advice? Fine. The advice would be for me, you need to take all the debts, credit cards, car, student loans, list them smallest to largest. Based on what you told me, we need to be tackling the car first. All your extra money after you've paid minimum payments, all the extra needs to go on that car, knock it out fast. And then next would be the credit cards. Next would be the student loan. And then you start tackling the $70,000 student loan in Chun chunks. But if it were me, I'd be having a serious conversation. And at the very least, I'd say I'm paying half of this because I didn't know about it and I had an opportunity to take care of it when there is no interest. And you didn't do me the service of even telling me about it. So you're on. You're on the hook for half. And it's not in your name.

A (7:46)

I agree. Well said. Amen. Pass the plates. Create your free every dollar budget today. The simplest way to budget for your life.