Personal Finance and Investing

Robert Lee and his wife, Judi, live on the top floor of their 46-year-old son’s home in Auburn, Maine, in part so they can pay off the loans they took out for their two children.

In 1997, Robert borrowed $66,000 in Parent Plus loans when the children were in college. Their son is now a lawyer and their daughter has her own business.

“They’ve done well,” Robert, 71, said of his children. “I’m still footing this bill.”

Robert considers the loans his responsibility, since it was his decision to take them out. His monthly payments are now about $300. He estimates he’s already paid $91,000 toward the loans, but still owes $51,000. He was told the debt would be cleared in 2034, but lives on a fixed income and worries about unexpected medical bills he might incur.