I Paid $1.2 MILLION For My Kid's Education, Now I'm $620,000 In Debt!
2022 ж. 24 Мам.
120 134 Рет қаралды
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Warning to other parents- Don’t overindulge your children. There is no need for fancy private colleges.
Lol or private k-12
He worked 90 hour weeks for 30 years so he didn't even see the kids anyway. What a waste of a family and life
@@icanchangethisright8593 Maybe private 9-12 but private school is not necessary for K-8
Depends on where you live and if you’re ok with CRT indoctrination.
It wasn’t college that did it. It was K-12 private catholic schools. He said they all went the affordable college route
How nice, the kids are living their best lives, getting married, buying houses, having babies, while their dad is facing old age broke.
Yep,and when dad needs help, he won't get squat from the kids.
Kids don’t care…. Very sad. They should realize that and offer to help.
@@minniegriffin3147 We don't know if they care or not. Jim is clearly projecting a rich lifestyle, I doubt his kids even know the debt exists.
Unfortunate but completely the parents’ fault. I doubt the kids were asking to go to fancy schools at kindergarten. This caller has to keep up with the Jones’s and crazily put himself into debt all on his own.
@@SalisburySnake it’s obvious they don’t. No matter if he offered or not if you know your parents are getting older and they want to help you have a better life why would they not want to help out some. Not saying pay the whole thing back but some. But that’s humans for you.
I hope the kids aren't expecting any in inheritance. They already got it.
That is exactly what I was thinking.
My parents explicitly told me a bunch of times college funding was the only form of inheritance I would get whether or not I decided to go to college.
So true
I am worth $4.5M and I always tells me teenage kids that they are entitled to nothing if they don’t behave financially and be responsible as a human.
@@jml9550 don't settle lol you're worth more
Holy smokes, what a genuine soul. I hope he gets this mess cleaned up.
Yeah doesn't sound like guaranteed student loan debt... he did the right thing... nothing wrong with bankruptcy... two of the three major auto makers in America have that in their history.
@@gatordog4329 nothing wrong with bankruptcy is a foolish statement
parent plus loans can't be put in bankruptcy.
Hope his kids understand the great parents that they have.
He only makes $190k COMBINED as a lawyer who’s been practicing for “90 hours a week, for 35 years”?? This guy must be a public defender living like he’s a partner at a large firm. Jim’s making about $30/hr after being a lawyer over half his life.
Lawyers don’t make a lot. You have to be in a profitable field and actually good at it. I know lawyers that make 60k a year and lawyers that make 1.2 mil a year.
@@nicoled.9428 trust me, I know what lawyers make. I’m married to one. Jim could make more money working in an Amazon warehouse.
@@James-po2sv I think your exaggerating a bit he can make the same working for Amazon
@@austintomkewitz3981 my statement is only inaccurate if he’s lying about his income or the number of hours he works. You tell me.
@@austintomkewitz3981 Amazon hourly pay plus over time for 90 hours a week = 89k a year. We don't know his exact income because it's combined 190k.
Wow this man is beyond generous... if I was one of the kids I would definitely try to help him out a little
I would too! I wonder if his children are even aware of the amount of student loan debt he and his wife are burdened with? He just seems like the kind of guy that wouldn’t even tell them.
@@dianna9283 He did this. Now he has to deal. So don’t whin and get busy working.
AGREED!!!
I don't know if I would call it generous, I was thinking stupid. Generous would be spending money you have not taking out debt. He should have had the kids contribute even a little seeing as they will have great high paying careers from this.
Amen. My mom put me through college, and although I haven't explicitly told her, she will never have to stress about money for the rest of her life.
Another reason my daughter is going to community college her first two years. This is nuts.
Did he say 6500 sq ft house and an empty house? Sell the house my dude. Pay cash for a 1400 to 2000 sq ft house and pay off the debt. Keep the investments.
Yeah, the solution seems easy enough. I'm surprised he needed to have someone tell him that.
Great dad with good intentions. I hope his kids listen to this and help him out. I wouldn’t want my family carrying a burden like this for me. Especially if I’m reaping all the benefits, watching them struggle.
Agreed!
They wont.
no one should blame it on the children. this was his own fault. he chose this path willingly!!!
Exactly, this was his vision. I'm sure they would have gone with another deal.
Yes!
Exactly. He wanted kids rubbing elbows with the elite and he paid to make it happen.
Oh boy!! Parents, sit down with your children, research the schools and degrees, and make sure you’re not paying a premium for their education!!! This will cost you more than them since you’re older and want to be retired!!
Not everyone needs to go to school. Tech schools are incredible. Truckers make big bucks etc. mechanics. Electricians. Plumbers. Etc. we need workers. Not people working from home on a computer. They aren’t doing the WORK.
poor guy, feel for him, he wanted to give his kids the best education he could. Hope the kids are atleast on their feet and successful now and the dad can eventually have a great retirement
My dad is like this. He always picks up the tab even at big family reunions when it’s a $2000 check. I owe him so much.
The VAST majority of employers really don’t care where you went to school. What matters is your skill set/knowledge. Public school to state university for those that want degrees gets you on the same track as the majority of others in career outlook.
if they ask its cus you just happen to add it on your resume
More than half of students going to college don't think about what their future employers want lol. They just go to go.
Especially through high school. It’s absolutely insane what people pay for private elementary.
It’s a check mark off a HR list
that may be true; but many employers really do care where you went to school.
This is one of the smartest, generous, dumbest guys I've ever heard of. Your kids need to deal with their loans. Plain and simple
It's not their loans. Dad offered himself as a sacrificial lamb. He owns it & he's willing to take it to the grave. I wouldn't cash out my retirement to pay it off. Just keep making the payment till death..lol.
@@losmalqueridos2009 yup and make sure everyone in the family knows to not talk to the loan sharks after his death so that burden doesn’t go onto them.
In return, the kids should be smartest, generous, dumbest kids and help their father out.
@@kkadam96 yep. They should realize how noble his intent was, see how big of a hole it has made and try to have as much ingrity as he has shown and offer to pay for the education that has benefitted them
Mostly dumb
When you say "daddy paid for all of it", you reveal some deep resentment, Jim, I'm afraid. Also, the fact that you break it down to 102 years of it, shows a desire for recognition. You need Dr Delony, more than George.
Right on the money
The man’s been working 90 hour weeks he said. He’s probably super tired
@@enoll812 Yeah, playing the victim with that claim. He had a CHOICE to pay/not pay for all of his kids education, years ago. The fact that now he's forced into WAY too many hours, is based on some poor decisions made, the entirety of his being a father.s
He doesn't need anyone for advice. He created the problem by flexing his "look at me" muscles by paying the loans. Why should he need a psychologist to understand he did a dumb thing? He didn't look to the future any more than the 18-year-olds who take on too much Student Loan debt. Oops...not a good decision for his future.
@@ReddingRed...and yet, here he is, talking to George... Of COURSE, we all have this subconscious knowledge, but a councilor helps reveal this, in the lives of people like Jim, who's apparently buried it.
The greatest gift you can give a child is the opportunity to learn and take care of themselves.
True but it doesn't have to be through private schooling, this wasn't the wisest decision. I hope this doesn't destroy his retirement.
@@Jacob-ed1bl yeah exactly, as in dont pay for school at all is what i mean let them sort it out themselves
If I have children, they can go to community college and state university. The cost of private college is out of control.
Yes and yes and absolutely yes!!
He's a lawyer ? Would never be my lawyer making decisions like he has.
Lawyer does not equate to financial savvyness.
Most lawyers are not financially intelligent
Lawyers and doctors have a tendency to be spendaholics and not deterred by debt.
@@megalodon1726 Yeah, if they were good with money they wouldn't spend six figures for a degree that isn't even all that lucrative.
I feel for Jim! I grew up in the 60’s in a Catholic home, and a Dad who was a commercial pilot. After the 5th child, we started public school because the education bill was gigantic, and babies were still coming 🤣 Fast forward 60 years, all of us turned out above average with a slight bit of sarcasm on Catholic guilt 🤗
I think this is a little more complicated then simply paying this off. Whether he sells the taxable portfolio or the house, both will trigger significant capital gains and tax liabilities. I would advise he consult with a CPA before executing any strategy. A few hundred dollars for professional guidance will save this guy thousands. Kind of shocking George didn’t contemplate this.
My thoughts exactly.
Steve awesome advice. I went to one myself . It saved me a lot of money
Working 90 hours a week practicing law should bring in more than $190k/year
Feel sorry for this bloke I hope his kids help him out in his later life, yes he may have been stupid paying for that level of education but it came from a good heart and him wanting the best for his kids
They probably won't. He's taught them to be entitled.
I don't think it's stupid at all if that's what he wanted to do. It's the 1.2 Million dollar house, the expensive vehicles and vacations he's had over his life. He went into debt and couldn't cash flow his children's education. They didn't get into his families lifestyle, didn't ask how much he owed on his cars or how much they were worth.
Ridiculous spending on education. My daughter's public school is one of the best in the state and free. This year she enters college in-state for $25k/year for everything.
love listening to George - he gets the gist of the problem quickly and has just the right mix of encouragement and reasoning for this caller
With all due respect, daddy didn’t pay for the education. Loans paid for the education. So sad. So scary! We think we are doing our kids favors by this?!?!
I imagine that Jim believes he's established control over all the kids, as they now owe him for everything. Sad.
@@thesig301 great observation! You know there are other currencies, right? For instance, there's "loyalty, obedience, compliance, visits", among other things, that controlling people use, to gain an advantage over others. My father used money to achieve this, in the lives of his kids
@@thesig301 But you're making my exact point for me. As long as he can say that "daddy paid for..." YOUR *ENTIRE* education, it's easy to understand that as saying "don't defy, disobey, disappoint or contradict, etc me"! Quid pro quo is the life-blood of a lawyer; a language far more deeply imbeded in Jim, than any fathering instinct. The fact that he refers to himself as "daddy (paid for it all)" keeps him in a position of power over all of his adult kids.
Loans pay for nothing
@@siegfriedbraun5447 sorry you have any awful heritage
His kids SHOULD feel some sort of obligation. And help him pay for it.
Not in my opinion. He forced them into a private religious school when they were minors. They didn't have a choice. He told them to go to whatever college they wanted and he would pay for it. He made terrible choices. They don't owe him anything for these choices he made.
Exactly his name will appear nowhere on their degrees but I can assure the debt he's put himself in will have his name on it
Imagine if he had sent them to public schools and instead just invested the tuition costs on their behalf. He and his children would have substantially greater wealth than whatever marginal difference their earning with their expensive educations
yep. he could have bought each kid a house and a car
They might have become promiscuous drug abusers if he let them become influenced by the public school peers.
@@preyr631 not if he raised them right
@@kingambler8950 This is part of raising them right. Keeping them in a (more) chaste, spiritually safe environment.
@@kingambler8950 Time spent with kids doesn’t necessarily counteract teachers’ brainwashing and peers’ who are degenerates
This sounds like a seriously good man. That being said, 35 years practicing law and combined income of only $190k? Even if that’s just him and not the wife, that sounds low.
I was thinking the same thing. I know a lawyer that charges $315 a hour. If Jim works 90 hours a week, that would put him at $1,474,200 a year if he charges the same. Something doesn’t add up.
Don’t forget he is in Idaho. Cost of living there is low
@@johnmartin4641 charging rate is one thing, getting that is another.
@@johnmartin4641 that lawyer is a pig
Let’s be generous and say this is net and he makes $150k and she makes $40k. Gross that means he makes over $200k. That’s still only $44/hr gross. After 30 years and law school. He could have been a plumber and made more and send his kids to tease school for far less and he would be making more money with more wealth and no debt.
Poor guy somebody needs to give him a hug and a nice vacation!
I am glad a solution was provided! Hard working man and good person
Watching this from a country where we don't pay tuition fees is surreal.
yeah, but your schools don't have to pay for armed guards and bulletproof windows. freedom!
Enjoy listening to George’s advice just as much as Uncle Dave’s!
Goodness gracious, I wish Dave had taken this call. 😂😬
His kids later on calling Dave Ramsey about how they're gonna do with their parents' debts. Dave Ramsey " Ur parents' debts is not ur problem, sell their cars"
Exactly
Wow what a hard working Dad/Husband. Your such a good person I hope your debt free very soon.
5:05 the love this father has for his kids is pure and righteous just imagine how many more good souls we could have in the world if they had a father like him
Totally agree. If his kids can contribute to return the love, that will be perfect.
Great advice. Well done George
I worry for this caller......I worry about him being almost bankrupt, almost upside down on loans. He can't keep working 90 hours per week. I am worried for him. Maybe one of his children can offer him and his wife a basement suite in their home. God Bless.
All I can say to the grown kids of this man is, "Don't you dare to place your father into a nursing home unless you want serious consequences in life."
At what point does the kids take on the responsibility of paying for their education
When the parents make them. This guy thinks he's doing them favours but he's just taking on debt and teaching his kids to be entitled.
Awesome advise!!!! 🙌🏼🙌🏼
He is a “yes” man with the best intentions in his heart. Great job guiding him into debt freedom George.
That much debt on his shoulders at this age, and kids walking around in no debt enjoying life! way too much wrong in this situation...
This guy has a very giving spirit as he seems to enjoy it, but on the surface of this situation his giving spirit seems to have fostered a bunch of little takers expecting a hand out.
No inheritance for them they already got it
Listening to this guy he’s probably talked himself into it. The whole time he was writing checks or signing loan papers to get the money he was probably talking to somebody. If you can’t listen in life you’re really not gonna learn much. Good luck Jim
He talks way too much.
@@ET-hc4wlYes!
What a good man. God bless you sir
Thank you Jim for sharing.
I couldn’t even get my parents to sign their name on the dotted line for my drivers license. And there’s parents like this. Wild
What a good man this caller is
I'd sell the house and move into something smaller. I'd rather be small and out of debt than large and in debt.
Good job working through this caller's issue. Nice solution.
My dad gave me a set amount for college. I went to a school that was a little above that but was willing to pay the premium on my end. My wife and I got debt free early this year and we're so blessed. I wouldn't recommend the debt, but as a parent, I would do things the same way as my dad. Don't change the dollar amount because the kid wants a premium school. That's fair
Thats crazy. I went to community College and then transferred to my top state school and no debt. Never understood why people are paying for EXPENSIVE Private schools they can’t afford.
that's the way to go.......in almost all cases, makes no difference,,,,,they get caught up in status
Ridiculous. My guess is that he lives in an area where the public schools are good. He could be looking at near retirement but for the crazy commitment to privately educate the kids. I love my kids too, but they went to good public schools and state colleges (on scholarships). Both have great STEM careers with no debt.
What an awesome dad. The kids should absolutely chip in, here.
Dude's kids had better pick a REALLY nice retirement home for papa. He earned it!!
He needs to have a talk with his kids about all this debt and their next steps as a family
5:42 “… Have to eat a lot of peanut butter sandwiches.“ He says this as I finish my peanut butter sandwich that I ate for lunch
When it comes to settling this man's estate many years from now... the kids will pay these student loans, and what will be left is a fight over the rug in the Foyer.
I hope they got a $1 million life insurance on him
Even without the debt he's got too much in house relative to what he has invested. I'd look into downsizing the house before liquidating the investments.
Much better plan than the Ramsey personality recommendation. I would never touch my retirement to pay off a debt. What happens if he loses his jor or God forbid get sick or disabled. He could live off his 400k in a worse case scenario.
Agreed. Now is probably the best time to sell the house and the worst time to sell the retirement investments. If he sells the investments now he’s only going to buy them back later at a higher price. Just downsize to clear the majority of the debt and then make the payments over time
I was thinking the same thing. It’s terrible advice!!
@@jacobhinsey 👏🏾 That sounds like a logical plan. Way better than the Ramsey solutions. I don't believe in the one size fits all style model. Everyone is in a different boat.
I totally agree with this, as I wrote in my comment. The Personality unfortunately gave terrible advice in this situation.
As a child of good lower middle class income parents, I'd never want them to be destitute or impoverished to put me through school. For my kids, I help in everyway I can without going into crippling debt for private school. GOOD LORD.
Huge respect to this guy. Paid for his kid's school and did whatever it took to make it happen. Didn't expect a dime back and just wanted his kids to have great lives. Probably didn't need private school since kindergarten lol, but he made sure his kids were taken care of.
GOD bless this dad🙏🏾❤
Wow what a great father. I plan on putting my future kids to private school as well because public school is garbage. Respect to this man
Imagine the inheritance he would have left his kids had he invested that 1.2 million.
That coulda woulda shoulda hindsight 20/20 commentary helps out a lot in these scenarios when someone’s stressed. Nice job! 😃 👍
He invested in their education. Now they are all established, hopefully able to eventually get 1.2M each ;
nothing compared to the life that he enabled his children to build. inheritances ensure people are waiting for their family members to die...horrible.
What a good man. Hope your kids kind of help you out.
This man has more heart than brains. I doubt the kids will be paying back anything. This becomes even more problematic if the kids are married. Dang, I would not knock down the debt if the interest rates are low. Down sizing the house is not a bad idea. However, I don't think he will feel good about that decision. His house is a form of flexing for him. A small house would not do it for him. Here is my arm chair psychologist perspective. This man has self esteem issues. He seeks validation from his generosity and approval from others. Here is the irony. Even though he get a good feeling from his giving and his long hours of work, he resents them at the same time. This man is not comfortable in his own skin. His lack of self esteem is way bigger than the financial issues.
A good man! He is giving his kids a chance at life and a fresh start. As a parent should.
Not for $1.2 mill (unless you have the cash)
And giving himself a grim retirement
Killing himself financially is not being a "good man" but an irresponsible one.
I disagree and I think that is okay. If you have children, you have a responsibility. He gave his children a high-quality education and now they have degrees. They are able to start a life without the burden of debt. Their father gave them an enormous gift in life. I just know of people who have put their children in debt and that to me is selfish. If you can't afford children, don't have any.
Make all the kids repay with their wonderful education.
If Jim had a dollar of debt for every word he spoke during this call, he would have more than the $620k.
He is an attorney after all.
Working 90 hour weeks for 35 years????? God bless this man. My goodness. 🤯🤯
I wish I had a dad like him. He and his wife sound like great parents.
I don't know if I would describe them as great parents. To me, great parents live financially responsible lives and also teach financial responsibility. He did not demonstrate much of that. Technically, the man is broke and calling into a talk show for advice.
@@rajbeekie7124 Hi Raj, I see what you're saying, but compared to what a lot of us out here have as fathers, he's great. It all depends on where you're coming from.
Dang, the Kamel handled that dude and his awful loan situation like a boss.
George forgot to account for the taxes that will result from selling the investments. Since they already have another $190k in income, the gains will be at least in the Federal 15% bracket, and over $250k will be taxed an additional 3.8% NIIT. State of Iowa taxes will add another 8.53% on top of the Federal taxes. Assuming that the gains are half of the $440k (or $220k in gains), that means that the taxes that result from selling the investments will be about $57k. That's not a small figure, and needs to be accounted for when figuring how long it will take to pay off the debt. After all, debt to the IRS can be even more punitive than student loan debt.
Sounds like a super nice guy and a great father, but really mismanaged his money. Making almost 200k, as a lawyer, with 90-hour weeks and in his early 60s has a net worth of about 600k-700k. This is a great example of someone who made an unbelievable amount of money but has spent almost all of it along the way. If he were to stop working today they would be living on probably 30k a year. Most people can't outearn their spending habits.
I could never rationalize spending over $1 million on education for my children.
If my children is willing and able to go to medical school to become a medical doctor, I would support them. Medical schools is almost $250K and up.
@@jml9550 but what if they flunk out of med school,,, you still have to pay the loans and their not a docto
@@BRIANDER100 who said anything about student loan? One of my paid off rental property will more than cover any degrees. This is the SF Bay Area.
@@BRIANDER100 BTW, most of my buddy’s kids who graduated medical school recently and passed the board exam told me if you made it in medical school, it is highly unlikely you will fail the board exam. The board exam is easier than they thought.
Mostly everyone on my small team at work has a masters degree and I am the only one with "some college". I dropped out. I make either the same amount or more than they do. Moral of the story is that a masters is not always necessary and depending on your field (I am in IT) you can live a comfortable life with less education than a masters. I am by no means recommending not going to university since it can be beneficial if you can but there needs to be a point where "this is sufficient".
Exactly. Employers what to know what skills you bring to the job and if you can do the job competently and get along with your coworkers.
I was mind blown by the choice of getting rid of investments first over the home. Sell the home...200k left over get a new mortgage... Still have over 600k in other investments....still some debt but its a home...no 4k payment... slow down the work... Rent half the house... You can be free if you chose to be.
I had a full academic scholarship and my parents said "if you lose your scholarship you are on your own and should probably join the military." I never lost my scholarship and have no loans.
Dude should totally sell the house. He could buy a 2000sqft house in cash and also save money maintaining 4500sqft less house
Good for you. My Dad kicked me out when I was 18 and said you’re on your own. College? What’s that?
He sounds like an amazing father, I think he shouldn’t have paid for any of their masters degrees though. I hope his kids are appreciative of him. Honestly if they were really grateful they would want to help lift this burden of their father now that they have the means to do it. Most of them are in their 30s they should try to chip in so he can retire soon without losing all his assets.
But most likely they won't help because America is all about individualism. Most adult kids don't even want to take care of their sick and aging parents. That's why assisted living and nursing homes are so rich.
@@Belovedselah you’re right and it’s so sad. If my parents helped me out with college I’d be forever grateful and try to repay them. I’ve worked in a hospital & nursing home it’s so heartbreaking because all the management talks about is money and insurance and they never give us enough staff to take care of the residents like we could
So, this father was happy to spend the money on his kids' education. He is not griping about it nor is he angry about the debt. He is just trying to have a plan to move forward. Sounds like a good plan is in place now....definitely sell that house. Sell that huge house. Sell sell sell. He will still have his retirement.....
He is absolutely griping. “Daddy paid for all of it” is outrageously condescending and he absolutely means it that way.
@@James-po2sv It's a weird humblebrag and complaint at the same time.
@@James-po2sv Yes he did mean it. And his kids were perfectly happy to letter daddy pay for everything. So, not sure to whom you think he is condescending. Where you see griping, I see a man who is now a bit overwhelmed and just needs some direction.
@@maryjones6115 Agreed. He's not grasping at straws with this call and is just looking for a bit of guidance moving forward.
@@James-po2sv But it’s true, he paid for all of it.
His kids need to step up
Nope
Feels like you are just looking for some empathy, respect and appreciation for all the hard work. Your children should make you feel appreciated my friend.
His children should help him now, they now have jobs, and be grateful for dad's sacrifices and all chip in as a family.
stupid is as stupid does
Hard working dude.
This is a good dad. No, this is a great dad.
At least it sounds like he has a somewhat quick way out. My shoes - I'd sell the house first since it seems like its in the plan anyway, pay off the loans, then use leftover cash + perhaps some portion of ~$400k invested or save up that $50k/year back in his pocket to buy a home. Then even still work a few years and bank more coin. There is a path to the light, happy for him cause that "click bait" title sounded like pure doom. :)
I would not put my parents in that situation. I'm sorry.
I'd be nice for the dad and all his kids to sit down and tag team this. I think the bond that that would create is beyond imaginable. They can come to the show and scream together how they are out of debt.
"Kids aren't that expensive", Dave Ramsey lol.
This sounds like a very secure family. You mean to tell me none of them had scholarships?! I’m wondering if he was supporting their lifestyles with cars and allowances too. It’s nice to be able to cover college but maybe give the kid some skin in the game! 100 k per kid is a lot for undergrad.
Non raw iras lol Love captions
I would suggest Jim should sell the big house and buy a smaller house cash and the rest put towards paying off the student loans or invest the money and use the income from it to help pay the loans off. Big house requires more money to maintain.
George is awesome - definitely would be my pick for the heir apparent eventually
$620k for your kids to probably make an extra $100k over their lifetimes. You're better off just giving them a down payment for a house at 30. Every administrator is laughing all the way to the bank with that money.
Michael Scott over here lol
Wait. You've practiced law for 35 years and combined income is only $190K ??? How is that possible?
that's what seems odd
The starting salary for a first year attorney coming out of law school at big law is around $190K.
Who said his wife worked? And who knows what type of law he practices.
@@todd2456 the vast majority of attorneys don't go into big law (many don't have the academic credentials/federal clerkship) and many who do burn out quick.
@DrCamPhD of course, but if you're going to work 90 hours a week as a lawyer and only bring in $190K COMBINED income, that's insanity. Let's say, he brings in $150K of the $190K. That's $32/hour. UGH
Hard to fathom this kind of irresponsibility and no sign of regret and has learned absolutely nothing. Wow. Is this the tip of an iceberg?
Congratulations Jim...
George gave good ethical advice.. but the smartest advice would be let the retirement grow, pay minimum payments on the student loans until he passes. Also, they could downsize in house and put another 500k in profit after paying cash for their smaller one.
Dying with debt only works if you don't have assets.
Even downsizing will still be around 800+ Still luxury
And leave the mess for his wife? I’m not American so unsure exactly how parent plus loans work, but I’d imagine if he was to pass first she would be responsible.
I agree with you. Time to leave the Jones behind, sell the family home and downsize to the retirement home. Why not treat the school loans like a 15 year mortgage and a sort of "pre death legacy". At 62, his investments are just pre and post tax retirement dollars don't mess with them.. Keep working and pay the school loans down.