Should i lend the money? help!?

Question

i am going off to university in september and living in residence. my parents had no money saved up for my education (tuition fees, residence) so i had to get a loan from the bank at the last minute. i kept asking my dad if he had any money to give me for my tuition fees and he said no. so i got the loan from the bank and the money they're giving me is just enough to pay for the whole year (i have no other money other than the loan). then my dad comes to me today and asks if i can give him $2,000 from the loan to pay bills and remorgage the house. what to do? should i even consider it? he said he would pay me back in 3 months. but if i give it to him i'll be short money to pay for my tuition fees. Also, my dad has a history of not oweing ppl back their money. he has a lot of debts and i gave him $130 last year and he still never payed me back. he was the one who never gave me money in the first place for school so why should i give him any? he says some power will soon cut off in the house and if i am at school and i cant call home its because the phone line is gone and it will be my fault because i didnt give him the money to pay it. what should i do? i dont want him to be mad at me. why is he putting me in this position? help! advice please!

Answer 1

If you lend him money now he will come to you again and ask for more ... keep that in mind ... you are the only one that can decide if your dad should get the money or not ... you know his past and you should have a feeling in your gut ... follow that

Good luck

Answer 2

This is a very tough and unfair position that you have been placed in and I am going to speak to you through my experience as a parent, ok?

Your first and for most concern is your education. There is nothing in this world that is more important at his moment in your life, than that.

I understand that your dad is asking you to loan him this money but in doing so, you are taking a major risk with your education. I, too, have run through some rough periods financially, but I have never asked my children to bail me out. I have gone out and cut lawns, and taken on childcare in my spare time to make ends meet when money was tough.

If the lights or phone are shut off at home, this isn't your fault nor is it your responsibility. This is that of your parent's and as tough as it is, I would not suggest the loan.

The only time I would ever suggest loaning money to anyone, including family, is wheen we are in a financial position to do so and if we can accept the fact that we may never see the money again. This is not the case with you and that is why I wouldn't loan the money to your father.  I am so very sory he has tried to guilt you into loaning him this but I would seriously not do it.

Answer 3

The question to ask is:

If I start down this path of lending money out from my student loans where will the cycle end? (seems to me there will always one more bill or something will get cut off)

Also, every dollar you borrow accrues interest, if you start taking out loans and assisting family with their debt you will add up debt faster and pay more in interest than otherwise needed. I would use the money for school only.

Answer 4

Didn't you just ask this earlier?  Whatever.  

Do NOT lend him the money.  You need it all for school, and if he doesn't pay you back, you can't finish school, and the bank will come after you.  It is NOT your fault if he can't pay his bills and his power gets cut off. Has he shown you any kind of plan for how he will pay you back?  Has he given you any reason at all to believe he will do it? It's not fair of him to ask this of you.  

You shouldn't be supporting your parents at this stage of life. Just tell him no, and don't feel bad about it.  If he is that desperate, he can apply for his own loan.  If the bank won't give him one, then you know why you shouldn't do it either.  

There are financial consultants who specialize in helping people get out of bad money situations.  Suggest he talk to one of them instead of you.

Answer 5

I mean no offense but this is money for your EDUCATION, I know this is your dad your talking about but dont lend him the money. You need it and what if by chance in 3 months he cant pay you back what would you do then. You need to think of yourself on this one.

Answer 6

This is for your education, and it looks like he is in financial trouble, but no you should not give it to him.  Instead tell him the bank required payment of the loan be paid to the school.  After all that is the reason they gave you the loan in the first place so you would be able in the future to pay it back.  If you don't get the education how can you pay it back.  Don't worry he'll come up with the money some other way, right now you are the easy way out of his dilemma, but he is not thinking of you.  And this little white lie may save your relationship with him.

Answer 7

do not give him the money!!!

Answer 8

don't lend him the money.

he probably only asked you because he knew you had it.

if he won't pay 130, he won't pay 2,000.

hurry up and spend it on college so you can say "well sorry dad too late nothing i can do"

don't feel guilty about not lending it to him, its for the best on both your parts.

Answer 9

Don't give him the money. It's that simple.

Answer 10

Given the fact that your dad has a poor history of paying people back..

NO do not loan him the money.  He couldnt even pay you back $130 that you loaned him last year..  do you really think he will pay you back the $2,000?

Just tell him that you already spent the money on your tuition and books.  You're not in a financial position to loan out money that may not be paid back..  you need it for school.