Student debt creates ethical dilemma

Dear Amy: Would it be wrong to ask my mother to use her inheritance to pay off some of my student loans? I graduated nine years ago into a terrible job market and I am just now breaking out into a decent, good-paying career. However, I have barely made a dent on my loans from being unemployed and underemployed for many years. I am also hard-of-hearing and this contributed to my employment search struggles.

My mom bragged about spending $11,000 on new windows for the house. That amount would have paid off a third of my loans!

By the time I would be able to make it up the career ladder, the interest will catch up with my salary, keeping me indebted forever. What is the right thing to do here? — Student loan woes

Dear Loan Woes: There is a valid reason the student loan debt burden is being called a “crisis.” You and your colleagues are carrying unprecedented debt, which is taking not years — but decades — to pay off. The default rate is over 10 percent — and climbing.

Before going to your mother, you should explore every opportunity to renegotiate your loan terms. Check studentaid.ed.gov for information on consolidating and repaying federal loans. Studentloanhero.com is a commercial site offering lots of information on how to organize and consolidate, as well as tips to perhaps lower your payments. Always make sure any terms are more favorable to you than your current terms, and read all of the fine print.

Yes, definitely ask your mother for help. Show her a calculation of your current repayment burden over the next 10 to 20 years. Demonstrate the positive impact of you repaying even a portion of the principal now. If she won’t donate this inheritance money outright to you, you might be able to negotiate a private loan with her — with a more favorable rate.