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My son is in a similar situation in Boston. Half that amount of debt at a lower interest rate.
He had a $33k per year 'bonus' for three years that they converted to a $100k housing loan at 0%. Forgivable if he stays on for three years.
He used the loan to buy a house and has manageable loan/mortgage payments.
If your son uses some fiscal common sense he will be fine regardless of what he decides with that income.
A good financial planner would be a big help for your son, get a long term plan to work towards. And look at refinancing the loan based on the reduced risk he now presents.
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"A machine you build yourself is a vote for a different way of life. There are things you have to earn with your hands."
Last edited by 1990C4S; 06-03-2021 at 06:07 AM..
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