‘What the hell?’: Millennial says her parents signed her up for $80,000 in student loans — then bought a $6M yacht instead of helping pay it off

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.

“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.