His Parents Agreed To Support Him Through College, But Then They Spent the Money, Leaving Him in Debt

This man’s parents agreed to repay his student loans. But then they spent the cash on themselves, leaving him thousands of dollars in debt. Here’s the full story.

He couldn’t open a bank account

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“When I was applying for a student loan to go to university, I did not have a bank account,” explained the man. “We had tried to set up a student bank account, but I kept being rejected, apparently due to my credit history.” He didn’t have bad credit; he just had a zero credit rating.

The money went into his parents’ account

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But the family figured out a solution. “We agreed to set my parents’ bank account to receive the loan, and for them to make the payments for tuition, etc.,” he said.

University was hard

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The man went off to university, but he soon began to struggle. “My anxiety and stress got completely out of hand, to the point where I was having regular panic attacks,” he said.

He took a break

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He decided to take a break from studying. He needed time and space to focus on his mental health, which included regular therapy sessions.

He’d been overpaid

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A few weeks later, he received some bad news from the student loan company. “I was declared overpaid on my maintenance loan, since I did not need accommodation for the whole year,” he said.

They would deduct it from the following year

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But he didn’t have to pay the money back. Instead, the loan company agreed to deduct the money from his loans when he returned to study.

Things didn’t get any better

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The man returned to school for his second year, but student life didn’t improve. His mental health issues resurfaced, and he decided to drop out for good this time.

He had to repay the money

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And that triggered a repayment clause in his student loan agreement. “I was overpaid a total of $2250 of money I did not need for accommodation, and they demanded I pay it back immediately,” he explained.

His dad agreed to help

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The man was super stressed. There was no way he could afford the repayment. So his dad promised to cover the debt. “My dad said he would handle it,” explained the man.

His dad didn’t do it

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But his dad dragged his heels. He kept promising to make the payment, then came up with excuses. But then the student loan company ran out of patience.

They sent threatening letters

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The man started receiving threatening letters and calls from debt collectors. This went on for more than a year.

He confronted his dad

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Eventually, he decided to confront his dad. He needed to know why he hadn’t paid the money back.

There was no money

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That’s when his dad confessed. He didn’t have the money to cover the debt. He’d spent it on other stuff instead.

His dad tried to blame his mom

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The man was shocked, angry, and hurt and demanded an explanation. But his dad wouldn’t give him a straight answer on what had happened to the money. Then he tried to shift the blame to the man’s mother.

He felt betrayed

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Now this young man is struggling to come to terms with his parents’ betrayal. Plus, he’s thousands of dollars in debt. “I now have to carry the burden of having the debt pinned on me because my parents spent money that wasn’t theirs to spend,” he said.

People showed their support

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“You have my sympathy,” posted one person. “If it helps to know, let me tell you, you’re not alone. Your parents are not the first parents to exploit their own children, and they won’t be the last.”

“Your parents basically stole from you,” said another. “You are the innocent party here. Don’t allow them to get away with this. Seek legal advice.”

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