College is very expensive, and many people fall into the trap of getting student loans or Parent Plus loans for their children, which can take a very long time to repay.

What would you do if your parents took out Parent Plus loans for your education, but they expect you to pay them back even though you can’t afford it?

That is the situation the son in this story is in, so he is telling his parents he won’t be paying them going forward.

Check it out.

AITA for discontinuing payments on a loan I can’t afford even though it will affect my parents?

Okay so I (29M) started college when I was 17.

Because of my family’s income and general status I was not granted much financial aid for college.

Because I have 2 younger siblings, and my parents had other financial responsibilities, my parents could not afford to pay out-of-pocket for my undergrad and I was not granted nearly enough in personal loans.

These private universities are often a rip off.

The school my parents and I agreed on is a private university, and tuition was high.

Because of the cost of the college, personal loans were taken out in my name, and my parents took out Parent Plus Loans in their name.

Now I work full-time and my loans are on an income-driven repayment plan.

That’s good at least.

I am easily able to manage my monthly payments on those (the ones in my name).

However, my issue is that my parents are demanding monthly payments for the ParentPlus Loans taken out in their names.

Their stance is that the loans were taken out for me and my education, so I am responsible for repaying them.

There is no way he will be able to pay these.

The ParentPlus Loans cannot be transferred to me, and the payments are literally half of my income each month, because the lowest payment option is based on THEIR income, which is significantly higher than mine.

I have been paying them monthly for a year, and this has forced me to live paycheck to paycheck, unable to save for a car or house.

I can’t start a family, and I can’t progress financially in any way due to immediately having to spend every dollar I earn on those payments plus rent/bills/insurance/groceries/therapy/etc.

The ParentPlus Loans are currently in forbearance (since October) until April.

This past week I told my parents I will not be resuming payments on them due to:

1) Its not my loan.

2) We (Americans) are about to get hit with a recession/depression.

3) I cannot advance in any way making these payments.

It sounds like it was a bad idea to get these loans in the first place.

My mother has responded saying that’s not an option because their retirement and/or credit will be ruined by this choice, and that I will owe them the money.

Am I wrong for wanting to stop these payments?

AITA?

That is a very difficult situation since no matter what happens, someone will suffer.

Let’s see what the people in the comments say about this situation.

This commenter says to stop paying and live his life.

This is some pretty practical advice.

Here is someone who says the parents should have been smarter.

This commenter says the kid was only 17 at the time and is not responsible.

This person says the parents should pay the loans they took out.

Student loans can really ruin your life.

Make sure your education is worth it.

If you thought that was an interesting story, check this one out about a man who created a points system for his inheritance, and a family friend ends up getting almost all of it.