Ask Terry Questions Student loan for son

Student loan for son

By Terry Savage on November 13, 2023 | College Savings / Student Loans

Hi Terry.
I am a retired condo Chicago Police Sergeant and have college loans taken out for my son. Should I take some of my Deferred comp money to pay down the crazy high interest loans?

Terry Says

Are the loans in your name as a parent?? And are you now retired with much lower income? If so, you might be eligible for a low-cost income-based repayment plan. Contact student loan expert Rae Kaplan at and let her review your situation. There might be a much better alternative than using your savings now to pay down the loan.

Recent College Savings / Student Loans Questions



a personal
finance question