How much money are we talking here? $60,000 for the year at a private or OOS public university…or $25,000 at the instate public?
People get car loans for three years and manage to pay them off…but I’d say that would be more in the $25,000 a year range. If the kid owes you $25,000, he would be paying roughly $8500 a year for three years. I’m assuming you are not charging him interest. That’s about $700 a month.
But if it’s $60,000…The monthly payments for three years would be…more than double…more like $1600 a month.
Try to figure out a reasonable repayment plan with this kiddo. As noted upstream, he probably had NO idea what 1/3 repayment would look like after five years of college…when he was 18 and you agreed to this.
So…sit down…lay it out. Come up with a reasonable repayment plan…in writing…both of you sign it.
And I feel BOTH parents need to be on board with this as well.