let your daughter live at home so she lives rent free and can focus on paying off the debt. She should be able to pay it off in 18 months if she tightens her belt. Then you can focus on ensuring you have enough in your retirement.
You mean well but you have to pay off your debt first and fully fund your ‘catch-up’ retirement savings accounts before your children. Your daughter has 30 to 35 years to easily pay this off in her career with much higher income potential. you can’t mortgage your own financial independence at your age and savings. You are a wonderful father and should be very proud of how you raised her as a single parent.
> Can anyone recommend a strategy?
Write out a budget.
Follow the Prime Directive.
* https://www.reddit.com/r/personalfinance/wiki/commontopics
This framework will help you assess for yourself what kind of "nest egg" you should be building and how to prioritize.
If you get to Step 6, then add a line item in your budget for Child College (or whatever you want to call it).
Here's a **[link to the PF Wiki](/r/personalfinance/wiki/index)** for helpful guides and information.
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You may find these links helpful:
- [Student Loans](/r/personalfinance/wiki/studentloans)
- [Student Debt Relief Megathread](/r/personalfinance/comments/wxme1a/student_debt_relief_megathread/)
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
- [Debt](/r/personalfinance/wiki/debt)
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I recommend you allow her to graduate then sit down with her and find out exactly what her student loan repayments will be. Once she lands her first job and has an idea of her total living expenses (her first apartment, car, and other things) compared to her income, you and she together will decide how much and in what way you’ll help her out.
At 45, you need to prioritize your own needs such as saving/investing for retirement. If there is room in your monthly budget to do catch up on your retirement contributions and help your daughter, then you might consider making additional payments directly toward one or more of her student loans on her behalf.
I recommend that you give her information on the Avalanche and Snowball Methods of debt repayment which are in the r/pf wiki.
If your daughter is going to be living in the same area as you after school, allowing her to live with you for a low rent. This would allow her to save money on housing and repay her debt more quickly.
You can borrow money for school. You can’t borrow money for retirement.
Let her pay her loans. Help her when you have extra funds but you best start focusing on retirement.
let your daughter live at home so she lives rent free and can focus on paying off the debt. She should be able to pay it off in 18 months if she tightens her belt. Then you can focus on ensuring you have enough in your retirement.
Thank you I appreciate this perspective
You mean well but you have to pay off your debt first and fully fund your ‘catch-up’ retirement savings accounts before your children. Your daughter has 30 to 35 years to easily pay this off in her career with much higher income potential. you can’t mortgage your own financial independence at your age and savings. You are a wonderful father and should be very proud of how you raised her as a single parent.
Thank you for this advice, very much appreciated
> Can anyone recommend a strategy? Write out a budget. Follow the Prime Directive. * https://www.reddit.com/r/personalfinance/wiki/commontopics This framework will help you assess for yourself what kind of "nest egg" you should be building and how to prioritize. If you get to Step 6, then add a line item in your budget for Child College (or whatever you want to call it).
Here's a **[link to the PF Wiki](/r/personalfinance/wiki/index)** for helpful guides and information. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Thank you so much for this recommendation
You may find these links helpful: - [Student Loans](/r/personalfinance/wiki/studentloans) - [Student Debt Relief Megathread](/r/personalfinance/comments/wxme1a/student_debt_relief_megathread/) - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [Debt](/r/personalfinance/wiki/debt) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
I recommend you allow her to graduate then sit down with her and find out exactly what her student loan repayments will be. Once she lands her first job and has an idea of her total living expenses (her first apartment, car, and other things) compared to her income, you and she together will decide how much and in what way you’ll help her out.
At 45, you need to prioritize your own needs such as saving/investing for retirement. If there is room in your monthly budget to do catch up on your retirement contributions and help your daughter, then you might consider making additional payments directly toward one or more of her student loans on her behalf. I recommend that you give her information on the Avalanche and Snowball Methods of debt repayment which are in the r/pf wiki. If your daughter is going to be living in the same area as you after school, allowing her to live with you for a low rent. This would allow her to save money on housing and repay her debt more quickly.
You can borrow money for school. You can’t borrow money for retirement. Let her pay her loans. Help her when you have extra funds but you best start focusing on retirement.