In this Mailbag, Jean talks to Patti and Patrick about the substantial student loan debt they’ve incurred on behalf of their daughter and explore various ways to pay it down including using a home equity line of credit or tapping into retirement funds. Jean gives detailed guidance on the best approach to consolidate the debt. The episode also touches on the broader financial responsibilities parents face and the importance of open communication with children about the realities of debt.  Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! Takeaways: When dealing with multiple student loans, consider consolidating them to secure a lower interest rate.  Before tapping into retirement funds or other long-term savings to pay down student loans, consider the tax implications and potential penalties.  Home equity lines of credit can be a viable alternative for paying down student loans, but compare interest rates and terms. Chapters: 00:00:00: Introduction 00:02:52: Details of Student Loan Debt 00:05:18: Interest Rates and Consolidation Options 00:07:52: Home Equity and Savings 00:13:38: Financial Planning and Parental Support 00:16:08: Next Steps The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney. Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com. Learn more about your ad choices. Visit megaphone.fm/adchoices