'What would be the consequences if I stopped paying the PLUS student loan my parents took out when my twin sister and I went to school?' Personal finance expert Paco de Leon offers insight in this month's edition of Taking Stock:
What would be the consequences if I stopped paying the PLUS student loan my parents took out when my twin sister and I went to school?
My therapist and I are considering going no contact with my parents. I’m considering stopping paying for these loans, since they’re not in my name — but I don't know the consequences of this. What would happen? Is this something I should attempt?There are a lot of layers to your student loan situation. The subject of debt on its own is shame- and guilt-inducing for many people.
I really wish I could advise you not to pay back the debt because it's not legally in your name.You definitelychoose that option, given that your mom deposited your checks but failed to make payments — they made the questionable decision of consolidating your loan with your sister's. You don't have a good relationship with your parents. You could absolutely justify not paying the money back. And I'm sure many people would agree with your decision.
Another thing to consider is how much longer you think your parents will need to keep paying back this debt. If they are on an income-contingent repayment plan,
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