Of course it is OK to ask your son or daughter to pay off their education loan which the parent has taken on their behalf. The issue is not in asking them, but in the belief system that we have embedded in us as part of our core values wherein the parent is supposed to take care of their children till the time they can. This is mostly an Indian belief as in the West, college students who need to take student loans, pay it off on their own.
Most of such students work after their classes in order to earn some extra money and once they graduate they pay off their student loans out of their own pocket. In India, the scene is completely different. Not only do we not work when we are students, we also expect our parents to pay off our student loans even when we start earning.
Yes, there is no denying the fact that no matter in which part of the globe you happen to live in, higher education loan will always be significant and difficult to pay off but not impossible. There are a number of ways of reducing the interest rate and thereby decreasing the burden. One of the best known ways includes making use of loan against property. It can be used to repay the education loan and being a secured loan with a long repayment tenor, the monthly installment will go down considerably and thus repaying back the same should not be a burden in any way.
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