Because of these limitations, Ulzheimer recommends that the parent to pay off the debt and then have the student pay back the parent either the whole amount or a portion of the debt with interest added. "The payback process isn't really as much about the money as about the effort and learning that you have to work to pay off your debts," says Ulzheimer.
The Freshman $1000: How To Help Your College Student With Credit Card Debt
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts