
Managing Money
Our kid has $90K in student debt. What now?
Picture this: James and his wife Nola, both 62, have done well in life, earning a combined income that gives them an upper-class lifestyle. But, when their daughter Tia went to university, they told her they couldn’t afford to pay her way through.
Most of their money is tied up in investments and employer-sponsored retirement plans, as well as real estate. Aside from a lack of highly liquid assets, they also felt it was important for Tia to learn about financial responsibility.
But they’ve also left the door open for resentment. Since Tia has graduated, she has incurred $90,000 in student debt — and she isn’t happy about it.
Now James and Nola are wondering if there’s anything they should do to help their daughter without putting their retirement savings at risk.