My family just got out of debt, then I lost my job. It is just my mother, my son, and I. I will be going back to school this fall but my mother wants me to take a few classes this spring and she has taken out a loan to pay for tuition and books. I just paid over 3000 to get her out of debt and now she want to get back in for my education. Would you take it or not? She keeps saying that she is investing in her future because as soon as I finish school I can take care of her. Advice please.
2007-11-28 09:57:00 · 9 answers · asked by operaphantom2003 4 in Business & Finance ➔ Personal Finance
What's the interest rate? The interest rate is like the price of a loan. I never answer questions about an investment without knowing the price.
Are you taking out the loan or is she? If if were me, I would control my own finances. Is she lending or giving you the money? Are you accepting the responsibility to "take care of her"? Are you getting a degree that will improve your employability?
2007-11-28 10:04:27 · answer #1 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
Education is the best investment . You will be able to take care of your mother and your son. I would advise you to have a long term plan as far as how much school is going to cost. Get a totl budget together. Good luck. Howard Schoor
2007-11-28 10:04:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
How does a person get in debt and stay in debt? Pay off the debt and get new debt.
Does your mother work? If not, how could she qualify for a loan? Why is it your responsibility to take care of your mother?
Get a job - not more debt.
2007-11-28 10:04:09 · answer #3 · answered by Gentle Spirit 4 · 0⤊ 0⤋
I am not one for having debt...Was your mother in debt before over education? Or something else, because personally education is important if you are looking at a prosfessional career. Another question to ask is could you take care of her if you did take these extra courses?
Tough question... and if you are a believing soul, I would ask a higher power what to do...
~good luck
~jennifer
2007-11-28 15:14:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It all depends on whether you want the responsibility of caring for your mother for the rest of her life. If she's been a wonderful mother to you, and she needs help (not that she just doesn't want to work), then that might be OK. But if she's the type to hold the loan over your head and make you feel that you have to take care of her forever, then you might not want to take it.
2007-11-28 11:18:01 · answer #5 · answered by Kathryn 6 · 0⤊ 0⤋
If you can stay in school and get a degree, then I would take the loan. But you have to stick with it, it won't be worth it if you take random classes off and on for a few years and never earn a degree. Make that money count for something.
2007-11-28 10:01:17 · answer #6 · answered by qu1ck80 5 · 0⤊ 0⤋
A student loan would be better than a regular loan, lower interest and no payments until you graduate. I would do whatever it takes to get the degree (I am now too and I hate borrowing, being a slave to the lender).
2007-11-28 10:01:49 · answer #7 · answered by Shelby 3 · 1⤊ 0⤋
She is investing in YOUR future and I believe she is trying to help you and stand beside you. So yes, accept the loan - it is for education, for your future.
Hope this is helpful.
2007-11-28 10:01:57 · answer #8 · answered by Lady Justice 1 · 0⤊ 0⤋
no!!!
2007-12-02 08:53:08 · answer #9 · answered by Anonymous · 0⤊ 0⤋