If you look at my NetWorthIQ statement, you will see that currently, I owe the most money to Sallie Mae. She's helped me fund a high caliber education and got me that shiny degree.
But even more than Sallie, my parents paid for my four years at college, and since my fancy degree has gotten me well-paid, it's important to me to use that money to pay for my fancy degree.
So I've talked with my parents, and I'm going to repay their outstanding $15,000 PLUS loan that they took out to pay for my senior year of college.
I realize that:
a) This is a lot of money.
b) My parents have more money than I do, (There's two of them and only one of me.)
c) I already have a bunch of debt.
d) Yes, I am fully aware I still have a negative net worth.
But this is something that is important to me, and I don't want my parents dragging around a 15 year debt, especially going into retirement, which they incurred for me and which I am more than able to assume.
Probably how this is actually going to work is that I am going to save my pennies for a while and just write them checks, since it would be an altogether mess to actually transfer the loan to my name. So that is where most of my CashDuck earnings will be going.
Would you do it for your parents if you were in my situation?