You Have 107K in Student Loans Making 23 Hr

Brought to you by the EveryDollar app. Start budgeting for free today. Marissa is with us in Atlanta. Hi Marissa, welcome to the Ramsey Show. Hi, how are you? Great, what's up? So my question is, with the student loan repayment starting, my parents and I, like many others, are a little overwhelmed trying to figure out our approach. So when we took out loans for my school, my parents didn't have great credit, and I didn't have a line of credit. So they took out a PLUS loan, and I'm the third kid that went to school in our family, so they have PLUS loans for all three of us. And then I have my separate subsidized and unsubsidized loan under my name. My question is, should I have the parent PLUS loan transferred to my name and refinance it to take the burden off of my parents? Because we're just trying to figure out the best way to approach it, and right now it's just way too much for them to handle. If you can pay the payment, just pay the payment. Myself or my parents? Well, you said your parents can't handle it, and you were going to move it to your name, which would mean you're paying the payment, right? Yeah, I mean, so I graduated two years ago with a health science degree, and I don't make a ton of money right now. What do you make? I just got a new job. I'm going to make $23 an hour, and then I also have a side nannying gig as just a transportation to school. But my original plan was to go to medical school, do that whole thing, and then once I graduated, I was overwhelmed already with the amount of debt that I have. How much debt do you have? So under my name, I have $27,000, but then my parent plus loan is, I think, up to like $80,000. Well, it does not add any value to move it to your name. You can't pay it. You don't make enough. You're struggling to pay your $27,000. Am I missing something? I guess with my parents having three kids, it just all kind of fell on them. And I think with us being the first generation college kids, we didn't really know that much going into it. I don't think that we really did the best research when we were going into school to try to find our best option. I appreciate you owning it. It's obvious mistakes have been made. Yes. You got $107,000 in student loan debt, and you're making $23 an hour. So obviously mistakes have been made. But that's water under the bridge at this point. If you call me up and you said, I'm making $100,000 a year, I'm about to knock this 27 out in a heartbeat, and I'm going to take this 80 over and knock it out for mom and dad. I would tell you just to pay it while it's in mom and dad's name and take the mathematical burden off of them, but no reason to legally put it in your name. It doesn't serve any purpose. Go ahead and knock it out. But in your case, you're going to have to work on your career side, your income side to be able to address the 27 before we can even talk about helping with the 80. Unless I'm missing the math, am I missing something? No, definitely not. And that's been my struggle because with my degree being so specific with health sciences, my goal was to further my education and go to PA school. And then I worked in medical office for about two years and decided that I didn't want to further my career in it in that direction. You're going to have to work on the career side of your equation. I don't think spending six figures on PA school is the move right now. Let's clean up the mess. The answer to your question is you can't take your parents burden. You don't have the strength to mathematically.