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Dear LFTP April 23, 2012 · 1:37:34 · 12 min

Dear LFTP: parents, law-school debt, and letting go

  • Should 50-year-old parents who already funded college bail out their daughter's $100,000-plus law-school debt at the cost of their own retirement?

Dear LFTP letter: 50-year-old parents who funded both daughters' college educations regret promising to pay daughter Lena's $100,000-plus law-school debt, since she and her medical-student husband spend frivolously; they need to rebuild retirement. The hosts advise he misspoke and should walk it back with a deal that teaches financial responsibility — Nathaniel shares how paying his own way through school after failing out turned his grades around. The secular answer: review retirement with a financial advisor first, then tell Lena.

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