Jul 2, 2026
When Chloe — a pseudonym used by The Cut — went to college, her parents signed her up for more than $80,000 in public and private student loans. After graduation, they told her the debt was hers to repay.
Since then, her parents’ financial situation has changed dramatically. According to The Cut, the entrepreneurs have renovated their home, installed a pool and sauna, and bought several boats, including a yacht Chloe estimates is worth about $6 million.
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Chloe, a 35-year-old New Yorker who works in book marketing, says she’s happy her parents have been successful. But she can’t help wondering why some of that success never extended to helping pay off the loans they signed her up for.
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“They’ve worked hard, and they’ve built a great life for themselves,” Chloe said. “But also, what the hell? Why did you buy a yacht instead of helping your kids pay off their student loans that you signed them up for?”
Family fortune, separate finances
Chloe isn’t the only one feeling the weight of the family’s financial decisions. She told The Cut that her two siblings are also carrying debt they say they didn’t fully understand until it was too late.
“As a result, we are all pretty behind in life, financially. It’s definitely held us back in terms of our savings potential. We’ve all got good careers, but none of us own homes,” says Chloe.
The siblings have tried talking to their parents about the loans, but Chloe says those conversations rarely lead anywhere. Whenever she brings up the loans, she says she’s either dismissed or criticized for bringing it up.
“I’m not asking them to pay for everything. But they could have strategized with us or helped pay it down a bit,” she explained.
For many borrowers, student debt can shape financial decisions for years after graduation. Monthly loan payments can make it harder to save for a down payment, build an emergency fund or invest for retirement, particularly as housing and everyday living costs continue to rise.
According to the Education Data Initiative, the average federal student loan borrower takes about 20 years to repay their loans.
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There’s no one-size-fits-all answer
Chloe’s frustration reflects a challenge many young adults face today. According to Deloitte’s 2026 Gen Z and Millennial Survey, more than half of Gen Z and millennials say financial pressures have forced them to delay major life decisions, including starting a family or furthering their education.
As those financial pressures mount, many families are grappling with the same question: when, if ever, should parents stop financially supporting their adult children?
For many families, the answer is never entirely. According to a recent AARP report, many never fully do. Parents commonly help cover everything from cellphone bills to child-care costs. While 42% said they provide financial support because they want to, 36% said they do it out of a mix of want and need and nearly half said the arrangement has caused them financial stress.
Chloe’s story also reflects a broader conversation around the “great wealth transfer,” with trillions of dollars expected to pass from older generations to their heirs over the coming decades.
But for some families, the debate isn’t whether adult children will eventually receive financial support — it’s whether that support will arrive when it can make the biggest difference, such as while they’re paying off student loans, raising children or trying to buy a home.
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Victoria Vesovski is a Toronto-based staff reporter at Moneywise covering personal finance, lifestyle and trending news. She holds degrees from the University of Toronto and New York University, and her work has appeared on platforms including Yahoo Finance, MSN Money and Apple News.
