Law Students

'Dear Abby' Tells Frugal Parents of Indebted Law Grad to Offer Tough Love, Keep Their Cash

Frugal 50-year-old parents of a recent law graduate aren’t happy about her $100,000 in educational debt.

So they offered to help her repay it, only to regret the suggestion as they pondered their own need to save for retirement and pay for repairs on their home. How to deal with this dilemma? Apparently uncertain, the Pennsylvania residents wrote to syndicated newspaper columnist Dear Abby for advice.

Her suggestion: Consult with a financial adviser, and when he or she nixes the idea, tell your daughter you can’t afford to help.

A columnist at Above the Law, however, offered a more sympathetic ear to the law grad’s plight.

First, the daughter, “Lana,” needs to learn to manage her money, suggests Staci Zaretsky. While she struggles to do so, like many other recent law graduates, the parents can add to their savings.

Hat tip: Wall Street Journal Law Blog

Related coverage: “Forget St. Barts and Be Grateful You’re Working, Columnist Tells ‘Exhausted’”

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