Won't the repayment of the loan affect the children's going to college?
It should be divided into several situations:
1. In China, there is no reason why a father owes money to his son. Creditors will only find real debtors to pay, so it has no effect on children's lives. If they have the conditions to go to college, they can still continue to go to school.
2. However, there is a situation where parents obviously have the ability to repay, but they refuse to repay. Even if the creditor refuses to repay after suing the court, the court may take compulsory measures to freeze the real estate and assets under the debtor's name. Although it will not directly affect children's going to college, family finance will definitely have an impact. Seriously speaking, children may not have enough tuition and living expenses to continue their studies.
3. If parents maliciously fail to pay their debts, it may affect their children's going to college. It is clearly stipulated in "Regulations on the Executed Person with Bad Faith" that "children cannot attend high-consumption private schools". If a child goes to a university in this range, it will be restricted.
In a word, default is still a serious breach of contract. Once brought to court, one's reputation will be ruined, which will also have an impact on the whole family. Therefore, we must actively solve the problem and repay as soon as possible.