r/personalfinance•
ComtriS

Dad offering to pay off my student loans. Do I accept?

Debt

This may seem like an obvious answer to most of you. If it does, please don't bother to answer.

I currently have about $70k left on my loans. I graduated undergrad with $40k in debt. Paid about $30k off. Graduated grad school with an additional $90k in debt (putting me at $100k). Been paying that off at $2k per month, and now I'm at $70k.

My dad hasn't helped me out with anything financially since I turned 18. I've also had a somewhat contentious relationship with him. More recently his house burned down. So he kept the insurance money and sold what remained (I think he has about $1M total after all of this). So I don't know why he's offering to pay off my loans. Guilt perhaps.

I'm also not sure I want to accept it. I'm currently a self-made man. I'm not rich. But I'm not poor. $70k is a lot of money to me. The $2k monthly payments take a huge chunk out of my paycheck. But even so, I'm comfortable. I'm not struggling.

Thoughts?

Posted Feb 21, 2016, 9:16 PM UTC

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