Best way to go about my brother's finances

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Best way to go about my brother's finances

Post by UTHkhan2014 » Mon Jan 13, 2020 3:58 pm

Hi all,

This is my first post and it is about my brother's finances. I have read JL Collins Simple Path to Wealth and The Bogleheads Guide to Investing, and have been absorbing information from this forum and been implementing the steps into my personal finances. I was encouraged through those books to sign up for this forum and drop in and say hi, and ask questions. I am satisfied with the financial position I am in and want to help out my brothers as well.

Over Christmas break I was talking to my brothers about personal finances and one of them asked me to post about his financial situation and to ask the community about what he should do. My brother has a high amount of student loans and I am not sure what is the best way for him to proceed with his finances. So I am looking for any helpful suggestions. Below is his information.

____________________________________________________________________________________________________________

Income: 70k / year
Roughly been getting a 7% bonus each year
And a 7% raise each year.
Take home pay is $50,229 after taxes (He lives in NYC, they have Federal, State, and City taxes)
(Side Note: He gets 4% match from employer and was not contributing to it, so I told him at the very least contribute up to the match regardless of the debt, so he just started doing that as of today.)

____________________________________
LOANS

I am on an income based payment plan and that's my total monthly payment ($372.69) and below are how much I have to pay on each individual loan.

Individual loans (preferred breakdown by dollar value and interest rate):
DESCRIPTION, BALANCE, INTEREST RATE, MONTHLY PAYMENT
LOAN 1, $835.37, 5.75%, $2.32
LOAN 2, $3,845.98, 5.75%, $10.68
LOAN 3, $498.36, 5.35%, $0.92
LOAN 4, $3,732.13, 4.25%, $6.91
LOAN 5, $21,769.64, 5.06%, $40.29
LOAN 6, $31,995.39, 6.06%, $59.21
LOAN 7, $25,077.56, 5.16%, $46.41
LOAN 8, $44,251.11, 6.16%, $81.89
LOAN 9, $24,366.24, 5.96%, $45.09
LOAN 10, $42,675.39, 6.96%, $78.97

Then I have one more Federal Perkins Loan:
Total Original amount: $3000
Amount Remaining: $2307.84
Interest Rate: 5%
Monthly Payment: $40

(I believe this loan is not on an income-driven plan that is why its payment alone is 40$, but that can be changed)

SO TOTAL MONTHLY LOAN PAYMENTS = $412.69

____________________________________
Recurring expenses (rents, mom/dad's payments, loan payments, etc.):

Rent: $1375 a month

Mom/Dad's Monthly Payment: I am giving $700 right now, but once [brother] gets a job I'll give around $400-$500
(Side Note: Our dad is disabled and cannot work, so all three of us help pay for their expenses. My oldest brother recently got laid of so, both my brother and I are contributing about $700-800 a month to help them out.)

Mom's health insurance: Total is $514.83 (since [brother] doesn't have a job splitting it 2 ways so) = $257.41
(Side Note: Mom is employed at McDonald's and doesn't get health insurance through there, so we are going through the market place to get her health insurance. Dad is on Medicare)

Utilities:Average $150 dollar (would be rough half once [brother] is paying his share)

Food: Around $300-$500 a month.

Miscellaneous: $250 a month

TOTAL RECURRING MONTHLY EXPENSES (RENT, LOANS, EXPENSES): $3,645.10 per month.
(Will be reduced down to $3,359.8 after our oldest brother gets a job and can help with parents expenses. He recently got laid of before Christmas.)

TOTAL SAVINGS: $8,000

Thanks,
[edits by mod oldcomputerguy]

Dottie57
Posts: 7561
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Best way to go about my brother's finances

Post by Dottie57 » Mon Jan 13, 2020 7:59 pm

Does your brother have extra money he can pay on his loans? Dave Ramsey would have your brother pay minimum required for the loans and then use any extra funds to pay down the smallest loan. Once that loan is paid off start applying extra money to the smallest remaining loan. Keep eliminating loans going from smallest to largest. Apply money from previous loans to the current smallest loans. The extra dollars applied to loans become bigger as you eliminate smaller loans. It is a “snowball” effect. A snowball rolling down a hill collects more snow and goes faster down the hill. Make the loan payments similar.

Wishing your brother well.

User avatar
Sandtrap
Posts: 8701
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii No Ka Oi , N. Arizona

Re: Best way to go about my brother's finances

Post by Sandtrap » Mon Jan 13, 2020 8:10 pm

Priority:
1. Pay down those loans. ASAP
Smallest loans that are easiest to pay off quickly.
Highest interest loans.
2. Don't make new loans.

j :happy
Wiki Bogleheads Wiki: Everything You Need to Know

OnTrack2020
Posts: 472
Joined: Mon Mar 20, 2017 10:24 am

Re: Best way to go about my brother's finances

Post by OnTrack2020 » Mon Jan 13, 2020 8:18 pm

I think your brother needs to show some progress, so I would suggest first saving $500 to pay off loan #3, then save the $800 to pay off loan #1. Then, I would start paying down loan #3.

Has he received his bonus for 2019 yet? If, and when he receives it, it should directly go toward paying off loan #3.

Then loan #4 should be worked on. Does he have any spare time to get a second job where all his net pay could go toward student loans?

The amount of the loans seems to be overwhelming, but I'm betting that once he starts seeing the smaller ones getting paid off, that he will continue forward.

Also, any raises should go directly to paying down the loans. It looks like he also has around $6,000 per year leftover after expenses. That could also be used.

Helmut Spargle
Posts: 4
Joined: Wed Jan 01, 2020 6:07 pm

Re: Best way to go about my brother's finances

Post by Helmut Spargle » Mon Jan 13, 2020 8:43 pm

70k income and 200k loans is not good. What are your brother's prospects for increasing his salary? Can he live at home instead of renting?

Royal Blue
Posts: 62
Joined: Wed Dec 18, 2019 4:07 pm

Re: Best way to go about my brother's finances

Post by Royal Blue » Mon Jan 13, 2020 8:48 pm

Hustle, Hustle, Hustle... depending on his work schedule, I would be a part-time job perhaps waiter or bar tender, and use side-hustle money to pay down loans. If he's personable, he could make 70K waiting tables in NYC at the right restaurant nights and weekends. I would also try to find a job that paid more money.

veindoc
Posts: 633
Joined: Sun Aug 14, 2016 9:04 pm

Re: Best way to go about my brother's finances

Post by veindoc » Mon Jan 13, 2020 8:51 pm

Your brother needs to get a second job. Is your brother married? Any children? All free time needs to be spent nibbling at the debt. The sheer amount of loans will require serious cost cutting to ensure a short payment time period.

Patrick584
Posts: 46
Joined: Wed Sep 06, 2017 8:38 pm

Re: Best way to go about my brother's finances

Post by Patrick584 » Mon Jan 13, 2020 8:59 pm

This income based repayment plan is a challenge. Can you calculate the total yearly interest. It looks like his loans are growing by thousands of dollars each year. Does he have any hope of repayment or is he banking on the 20 year forgiveness.

delamer
Posts: 9492
Joined: Tue Feb 08, 2011 6:13 pm

Re: Best way to go about my brother's finances

Post by delamer » Mon Jan 13, 2020 9:28 pm

This is not a subject with I have a lot of familiarity, but has he looked into refinancing?

I agree with other posters regarding a 2nd job.

Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Re: Best way to go about my brother's finances

Post by UTHkhan2014 » Tue Jan 14, 2020 12:51 am

Patrick584 wrote:
Mon Jan 13, 2020 8:59 pm
This income based repayment plan is a challenge. Can you calculate the total yearly interest. It looks like his loans are growing by thousands of dollars each year. Does he have any hope of repayment or is he banking on the 20 year forgiveness.
Yeah, that's a good idea to calculate the interest so I can show him what his loans are actually costing him. I don't think he has a lot of hope in repaying his loans so he has resided to just doing the income based repayment plan in the hopes of 20 year forgiveness. But is that an actual thing? I remember reading in JL Collin's book that your student loans go with you even if you bankrupt so in my mind I doubt they would forgive them.

Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Re: Best way to go about my brother's finances

Post by UTHkhan2014 » Tue Jan 14, 2020 12:53 am

delamer wrote:
Mon Jan 13, 2020 9:28 pm
This is not a subject with I have a lot of familiarity, but has he looked into refinancing?

I agree with other posters regarding a 2nd job.
He has not looked in refinancing but that's a good option to explore. I'll let him know about thinking about doing a second job.

Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Re: Best way to go about my brother's finances

Post by UTHkhan2014 » Tue Jan 14, 2020 12:57 am

OnTrack2020 wrote:
Mon Jan 13, 2020 8:18 pm
I think your brother needs to show some progress, so I would suggest first saving $500 to pay off loan #3, then save the $800 to pay off loan #1. Then, I would start paying down loan #3.

Has he received his bonus for 2019 yet? If, and when he receives it, it should directly go toward paying off loan #3.

Then loan #4 should be worked on. Does he have any spare time to get a second job where all his net pay could go toward student loans?

The amount of the loans seems to be overwhelming, but I'm betting that once he starts seeing the smaller ones getting paid off, that he will continue forward.

Also, any raises should go directly to paying down the loans. It looks like he also has around $6,000 per year leftover after expenses. That could also be used.
I like the idea of getting him to pay his small loans of first, so he can see some progress and be encouraged to pay off his loans. I think right now he has just resided to the income based repayment plan because he just doesn't see a way out of his loans.

Katietsu
Posts: 2759
Joined: Sun Sep 22, 2013 1:48 am

Re: Best way to go about my brother's finances

Post by Katietsu » Tue Jan 14, 2020 1:07 am

UTHkhan2014 wrote:
Tue Jan 14, 2020 12:53 am
delamer wrote:
Mon Jan 13, 2020 9:28 pm
This is not a subject with I have a lot of familiarity, but has he looked into refinancing?

I agree with other posters regarding a 2nd job.
He has not looked in refinancing but that's a good option to explore. I'll let him know about thinking about doing a second job.
I do not think refinancing is an option. First of all, with his debt so much greater than his income, I doubt he would even get a lower rate loan. Second, refinancing would mean giving up the low income driven payment plan.

How long has he been paying towards his loans? What is his degree? Any chance of PSLF? In other words, has he considered working for an employer that qualifies for public student loan forgiveness? Loans are forgiven in 10 years instead of 20. And unlike the 20 year conventional forgiveness program, the debt forgiveness can not lead to taxable income.

sailaway
Posts: 952
Joined: Fri May 12, 2017 1:11 pm

Re: Best way to go about my brother's finances

Post by sailaway » Tue Jan 14, 2020 1:11 am

He should get rid of the Perkins first. The others are probably set up in such a way that paying off any individual loan is going to be a PITA, if even allowed under the repayment agreement. The rates seem high, so he should definitely look into refinancing.

Is he living with your parents? The comment on utilities threw me off. If not, he should consider getting creative about housing in order to lower that rent amount.

The high end of food budget seems high for one, or is he also subsidizing family there?

It would be interesting to see the breakdown of misc. There are a lot of things missing from this budget (hygeine, transportation, etc), but they might be subsumed here.

terran
Posts: 1053
Joined: Sat Jan 10, 2015 10:50 pm

Re: Best way to go about my brother's finances

Post by terran » Tue Jan 14, 2020 9:39 am

I know you're asking about his loans, but a lot of his (and presumably your) money is going to your parents. Your mom's health insurance seems high, is there any reason she can't get ACA subsidies or get on Medicaid? Is your dad on SSDI or SSI? Are there any housing, fuel assistance, food stamps, or other local/state/federal government programs they would qualify for?

FI4LIFE
Posts: 322
Joined: Sun Apr 28, 2019 9:27 am

Re: Best way to go about my brother's finances

Post by FI4LIFE » Tue Jan 14, 2020 10:22 am

I agree with others that he should pay off the smallest loans first and gain some momentum.

A 7% raise per year is ok, but he will likely be better off moving to another job and demanding a big pay raise. Repeat again in a few years. Loyal employees get abused.

Is it reasonable for him to share living space with your parents? I hate to see children being saddled with debt to support their parents.

setancre
Posts: 50
Joined: Fri Dec 10, 2010 10:55 pm

Re: Best way to go about my brother's finances

Post by setancre » Tue Jan 14, 2020 10:34 am

Looks like his take-home pay is about $500 more per month than his expenses (which goes up to $800/month excess once your other brother is employed again). As long as he is able to keep his expenses down, he should be fine, especially as his income increases (not sure where he is in his career trajectory). I would just keep chipping away at those student loans each month, applying all his excess savings there. $8000 is not an ideal emergency fund, but probably enough for now (especially if parents live nearby), and beginning to contribute to 401k will help with setting up the future. If he can manage through the next few years and continues growing in his career, he should be totally fine.

I would disagree with the 2nd job advice - you can have tremendous career growth in NYC, I would invest in his primary job and make sure he is a rising star in his current industry/function rather than wasting time with a side job.

Independent George
Posts: 527
Joined: Wed Feb 17, 2016 12:13 pm

Re: Best way to go about my brother's finances

Post by Independent George » Tue Jan 14, 2020 10:34 am

Is there any way he can move home, or maybe the two of you can move into an apartment together? I think a second job is often a quick way to get burned out and possibly deeper into debt, but cutting housing expenses - even if it's just for a little while - will do a lot to reduce his overhead.

I second the Ramsey approach of paying off the loans in order of the smallest loan balance; he should be able to eliminate loans #1 and #3 pretty quickly, and then move on to the remainder. That is a lot of debt - presumably this is from graduate school? Can he expect a bump in his income anytime soon?

Jack FFR1846
Posts: 10815
Joined: Tue Dec 31, 2013 7:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: Best way to go about my brother's finances

Post by Jack FFR1846 » Tue Jan 14, 2020 10:47 am

I have to say it......

Mathematically, paying the minimum on all loans, then any extra to the highest interest loan will pay off all the loans the fastest and cost the least. I get that people need a psychological boost, so perhaps splitting the extra payments between the highest interest loan and one of the small loans could accomplish this.
Bogle: Smart Beta is stupid

Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Re: Best way to go about my brother's finances

Post by UTHkhan2014 » Tue Jan 14, 2020 12:08 pm

Katietsu wrote:
Tue Jan 14, 2020 1:07 am
UTHkhan2014 wrote:
Tue Jan 14, 2020 12:53 am
delamer wrote:
Mon Jan 13, 2020 9:28 pm
This is not a subject with I have a lot of familiarity, but has he looked into refinancing?

I agree with other posters regarding a 2nd job.
He has not looked in refinancing but that's a good option to explore. I'll let him know about thinking about doing a second job.
I do not think refinancing is an option. First of all, with his debt so much greater than his income, I doubt he would even get a lower rate loan. Second, refinancing would mean giving up the low income driven payment plan.

How long has he been paying towards his loans? What is his degree? Any chance of PSLF? In other words, has he considered working for an employer that qualifies for public student loan forgiveness? Loans are forgiven in 10 years instead of 20. And unlike the 20 year conventional forgiveness program, the debt forgiveness can not lead to taxable income.
He graduated from grad school two years ago, so he's been paying towards his loans for two years now. He has not looked into an employer that qualifies for loan forgiveness.

Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Re: Best way to go about my brother's finances

Post by UTHkhan2014 » Tue Jan 14, 2020 12:15 pm

setancre wrote:
Tue Jan 14, 2020 10:34 am
Looks like his take-home pay is about $500 more per month than his expenses (which goes up to $800/month excess once your other brother is employed again). As long as he is able to keep his expenses down, he should be fine, especially as his income increases (not sure where he is in his career trajectory). I would just keep chipping away at those student loans each month, applying all his excess savings there. $8000 is not an ideal emergency fund, but probably enough for now (especially if parents live nearby), and beginning to contribute to 401k will help with setting up the future. If he can manage through the next few years and continues growing in his career, he should be totally fine.

I would disagree with the 2nd job advice - you can have tremendous career growth in NYC, I would invest in his primary job and make sure he is a rising star in his current industry/function rather than wasting time with a side job.
Thanks, appreciate the feedback.

He's been working for two years as an architect, so he's relatively new in the field and works for a large architecture firm. I don't know what the career prospects of architects are but a quick google search showed that architect's median income is about $100k in NYC and on the high end, $200k. But I imagine that's much further down the line and you would have to be a pretty well renowned architect.

In terms of our parents, they live in Texas, where I do. But I don't know how willing he is to move back right now but that maybe something worth considering for him.

Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Re: Best way to go about my brother's finances

Post by UTHkhan2014 » Tue Jan 14, 2020 12:16 pm

FI4LIFE wrote:
Tue Jan 14, 2020 10:22 am
I agree with others that he should pay off the smallest loans first and gain some momentum.

A 7% raise per year is ok, but he will likely be better off moving to another job and demanding a big pay raise. Repeat again in a few years. Loyal employees get abused.

Is it reasonable for him to share living space with your parents? I hate to see children being saddled with debt to support their parents.
Parent's don't live nearby but he currently lives with my other brother in an apartment.

junior
Posts: 933
Joined: Wed Sep 10, 2008 6:14 pm
Contact:

Re: Best way to go about my brother's finances

Post by junior » Tue Jan 14, 2020 12:44 pm

Certain federal loans are forgiven after 25 years, but under current law that's taxable income so you'd have to pay taxes on it.

I think you need to run a cost benefit analysis on waiting out the 25 years (if they are eligible loans) vs trying to pay them off now. (Which seems very difficult).

(Edited to add: Public interest jobs can be forgiven after 10 years without it being taxable income with the right sort of loans.)

Katietsu
Posts: 2759
Joined: Sun Sep 22, 2013 1:48 am

Re: Best way to go about my brother's finances

Post by Katietsu » Tue Jan 14, 2020 2:45 pm

UTHkhan2014 wrote:
Tue Jan 14, 2020 12:08 pm
Katietsu wrote:
Tue Jan 14, 2020 1:07 am
UTHkhan2014 wrote:
Tue Jan 14, 2020 12:53 am
delamer wrote:
Mon Jan 13, 2020 9:28 pm
This is not a subject with I have a lot of familiarity, but has he looked into refinancing?

I agree with other posters regarding a 2nd job.
He has not looked in refinancing but that's a good option to explore. I'll let him know about thinking about doing a second job.
I do not think refinancing is an option. First of all, with his debt so much greater than his income, I doubt he would even get a lower rate loan. Second, refinancing would mean giving up the low income driven payment plan.

How long has he been paying towards his loans? What is his degree? Any chance of PSLF? In other words, has he considered working for an employer that qualifies for public student loan forgiveness? Loans are forgiven in 10 years instead of 20. And unlike the 20 year conventional forgiveness program, the debt forgiveness can not lead to taxable income.
He graduated from grad school two years ago, so he's been paying towards his loans for two years now. He has not looked into an employer that qualifies for loan forgiveness.
I suspect that with a degree in architecture it would be difficult to find a job that would qualify for a public loan forgiveness program. Maybe a job with the federal government?

I think it would be useful for your brother to consult a student loan specialist. The cost is small compared to the size of his loans.

Also, I would make sure that your parents are taking advantage of all the low income programs for which they are eligible. Though I know that Texas did not expand Medicaid and may have less low income programs than many other states.

mdchemist
Posts: 1
Joined: Tue Jan 14, 2020 4:14 pm

Re: Best way to go about my brother's finances

Post by mdchemist » Tue Jan 14, 2020 4:18 pm

I've been helping my brother with a similar question and the format of your brother's loans looks similar to his. Its important to note that the current payment schedule combined with balances/interest rates result in his balances actually growing instead of declining. If he isn't aware of it, you should let him know that without any sort of forgiveness, these loans will never go away on this payment schedule.

If his loans are like my brother's, the payments increase every few years. If this is the case for him, he should make sure to factor in the future payment schedules when deciding which loans to pay off first and for general budgeting.

Luke Duke
Posts: 919
Joined: Tue Jun 18, 2013 11:44 am
Location: Texas

Re: Best way to go about my brother's finances

Post by Luke Duke » Tue Jan 14, 2020 4:48 pm

UTHkhan2014 wrote:
Mon Jan 13, 2020 3:58 pm
Hi all,

This is my first post and it is about my brother's finances. I have read JL Collins Simple Path to Wealth and The Bogleheads Guide to Investing, and have been absorbing information from this forum and been implementing the steps into my personal finances. I was encouraged through those books to sign up for this forum and drop in and say hi, and ask questions. I am satisfied with the financial position I am in and want to help out my brothers as well.

Over Christmas break I was talking to my brothers about personal finances and one of them asked me to post about his financial situation and to ask the community about what he should do. My brother has a high amount of student loans and I am not sure what is the best way for him to proceed with his finances. So I am looking for any helpful suggestions. Below is his information.
Do you know any wealthy ladies that you can introduce him to? :mrgreen:

soccerrules
Posts: 1005
Joined: Mon Nov 14, 2016 4:01 pm

Re: Best way to go about my brother's finances

Post by soccerrules » Tue Jan 14, 2020 5:07 pm

Tough spot for your brother and your parents. I'm sorry.

I think many posters have made great suggestions-- none are as easy as switching mutual funds or leaving your FA-- THIS is a tough life situation.

1) 2nd job is vital right now
2) Move to LCOL state, may be in the cards
3) Consider moving to a joint housing with parents -- 2 duplex's or house with some separated living. Having fewer bills for him/parents/you would help
4) Getting a roommate might help with lower costs.

To me pushing hard to pay off the debts, perhaps using Dave Ramsey snowball method is likely to be a good plan.

Best of luck.
Don't let your outflow exceed your income or your upkeep will be your downfall.

Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Re: Best way to go about my brother's finances

Post by UTHkhan2014 » Tue Jan 14, 2020 6:44 pm

mdchemist wrote:
Tue Jan 14, 2020 4:18 pm
I've been helping my brother with a similar question and the format of your brother's loans looks similar to his. Its important to note that the current payment schedule combined with balances/interest rates result in his balances actually growing instead of declining. If he isn't aware of it, you should let him know that without any sort of forgiveness, these loans will never go away on this payment schedule.

If his loans are like my brother's, the payments increase every few years. If this is the case for him, he should make sure to factor in the future payment schedules when deciding which loans to pay off first and for general budgeting.
Those are some very good points mchemist. I had not thought of that. I am not aware of what kind of loans he has, I need to do some more digging into his loans and figuring some of that stuff out, and run some repayment scenarios.

Topic Author
UTHkhan2014
Posts: 9
Joined: Mon Dec 09, 2019 10:58 pm

Re: Best way to go about my brother's finances

Post by UTHkhan2014 » Tue Jan 14, 2020 6:49 pm

Katietsu wrote:
Tue Jan 14, 2020 2:45 pm
UTHkhan2014 wrote:
Tue Jan 14, 2020 12:08 pm
Katietsu wrote:
Tue Jan 14, 2020 1:07 am
UTHkhan2014 wrote:
Tue Jan 14, 2020 12:53 am
delamer wrote:
Mon Jan 13, 2020 9:28 pm
This is not a subject with I have a lot of familiarity, but has he looked into refinancing?

I agree with other posters regarding a 2nd job.
He has not looked in refinancing but that's a good option to explore. I'll let him know about thinking about doing a second job.
I do not think refinancing is an option. First of all, with his debt so much greater than his income, I doubt he would even get a lower rate loan. Second, refinancing would mean giving up the low income driven payment plan.

How long has he been paying towards his loans? What is his degree? Any chance of PSLF? In other words, has he considered working for an employer that qualifies for public student loan forgiveness? Loans are forgiven in 10 years instead of 20. And unlike the 20 year conventional forgiveness program, the debt forgiveness can not lead to taxable income.
He graduated from grad school two years ago, so he's been paying towards his loans for two years now. He has not looked into an employer that qualifies for loan forgiveness.
I suspect that with a degree in architecture it would be difficult to find a job that would qualify for a public loan forgiveness program. Maybe a job with the federal government?

I think it would be useful for your brother to consult a student loan specialist. The cost is small compared to the size of his loans.

Also, I would make sure that your parents are taking advantage of all the low income programs for which they are eligible. Though I know that Texas did not expand Medicaid and may have less low income programs than many other states.
Thanks for the feedback. It sounds like from the suggestions of you and other people that have posted, I need to take a deeper look into what programs I could potentially enroll my parents into to help lift some of the burden from my brothers in terms of financial support.

Post Reply