How much should parents sacrifice to pay for college?

When Lauren’s daughter wanted to go to college, there was no question–she was going to be allowed to go wherever she wanted. For Lauren—who is a teacher—a good education was worth the price. But after helping their daughter through college and graduate school, Lauren and her husband are staring down nearly $92,000 in Parent Plus Loans and wondering what that debt means for their future.

Michelle sits down with Lauren to figure out how the couple should tackle their loans, where they can cut back, and whether they can help their daughter with some of her own student loans.

Want Michelle to answer your money question? Email dollarsandsense@washpost.com for a chance to be on the show.

00:00 Welcome to Dollars & Sense with Michelle Singletary
01:00 Meet Lauren: A Mom Facing $92K in Debt
04:33 Paying for College While Managing Life's Expenses
06:26 Was Out-of-State College Worth the Debt?
10:33 Why Her Daughter's Education Was Worth the Sacrifice
14:05 The Money Conversations Parents Avoid
15:21 Debt Dash: Breaking Down the Numbers
20:00 Credit Cards, Eating Out, and Hidden Expenses
23:47 Michelle's Debt Payoff Plan: Start Small
27:07 Understanding Parent PLUS Loan Repayment Options
31:27 Teaching Your Kids to Talk About Money
37:13 Helping Your Adult Child Become Debt-Free
40:39 Lauren's Financial Action Plan
Hosted on Acast. See acast.com/privacy for more information.