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Dear Penny: Should I Use $165K in Child Support to Pay My Kids’ Loans?

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2 years ago

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Dear Penny,

I will be getting nearly $165,000 in child support arrears from my former husband. I have two kids in college. (Dad doesn’t contribute.) 

We’ve taken out private student loans to pay for their college tuition. Should I pay toward the loans, or should I invest in something yielding a higher interest rate than their loan interest? I am currently paying all the interest, so as not to compound their loan amounts. I do intend to use part of a yearly bonus to pay off some of the loans as well. 

-K.

Dear K.,

Sure, it’s possible to

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