My family member loaned me $120,000, and things got messy. Read the latest edition of Taking Stock:
Alison got into her dream school — but she didn't realize she'd have to take out loans until she was already there."My parents broke the news to me that they hadn’t put away enough into myto pay for my degree, so each year of my four years of undergrad I took out a loan of around $25,000 to pay for part of tuition," she says. She was able to refinance those four loans into one lump sum after she graduated graduated to get a lower interest rate.
At first, Jennifer was nervous."I had never taken out a car loan before, so I didn't really know what to expect," she says."But, luckily, everything went smoothly and I was able to get the truck I wanted." Now, Jasmine is paying her aunt back $5,000 each month until the holiday season, then $10,000 per month after that. Her aunt will also be receiving 10% of revenue from trade shows until the entirety of the loan is paid off.Jasmins says that the $120,000 didn't necessarily pay off for her business, mainly because she had given birth to her first child during the time.
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