parents offering to help

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
lblelalr
Posts: 48
Joined: Fri Sep 02, 2011 5:34 pm

parents offering to help

Postby lblelalr » Mon Mar 12, 2012 2:22 am

My parents are not rich but they're almost done paying down a house. They've offered to take out a second mortgage on the house to lend me money for law school. They'll be able to get a lower interest rate on any loan than I can get so when I pay them back, I can save some money. I'm deciding between T14's and I want to do IP so I have a reasonably good chance of finding a job, but I'm scared to take them up on it because I don't want to end up screwing my parents if I can't land biglaw. Anyone have any thoughts or advice?

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Tom Joad
Posts: 4542
Joined: Thu Dec 04, 2008 5:56 pm

Re: parents offering to help

Postby Tom Joad » Mon Mar 12, 2012 2:24 am

I wouldn't do it, but it is nice of them to offer. This is the same reason why I won't take out lower interest private loans, because I would need my parents to co-sign and the added stress of potentially screwing them over isn't worth the extra money.




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