<p>Paying for college is a growing concern for parents and young people. The Baltimore Sun had a great article that covers many things parents should look at while considering loans.</p>
<p>Student</a> loan debt: How much is too much - baltimoresun.com</p>
<p>Thanks for an excellent link, MD Mom. None of our kids are faced with repaying loans for undergrad, but all three are considering grad school in the next few years. I’m forwarding this link to all of them. Grad school borrowing is a slightly different ballgame than borrowing for undergrad. But it’s still helpful (vital, really) to have an idea of what it means to repay debt, even in a secure, well-paying job.</p>
<p>I found this part of the article especially concrete:
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<p>Thanks for the link. That is probably the best article on the subject that I have read.</p>
<p>This quote caught my eye. I had never connected the dots that only federal loans could be forgiven through service. It may be obvious when you think about it, but many young people may not be thinking that far ahead.</p>
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<p>We have had the loan discussion already with our youngest son, who just started high school three weeks ago. He has heard all the stories, because he has an older brother with friends with big loans. My oldest fortunately landed a National Merit ride that picks up his tuition and housing for all four years. His kid brother has seen all the advantages of doing well in school as well as on the PSAT/SAT. So he has set his sights on landing a full tuition scholarship to somewhere. </p>
<p>But the loan situation does concern me. As a high school teacher, I have this discussion quite regularly with my students. I told them about a fellow teacher who graduated with $30,000 debt. It will take him a long, long time to pay it off. It means that he probably will postpone grad school, which would have given him a boost in salary. I urge my students to spend some time researching scholarships as well as loan prospects. I’m hoping that they will follow my advice, because like my kids, I want them to have lots of options.</p>
<p>I work in financial aid, and we make less than teachers. My coworker has more than $60,000 in loans from her undergrad … she is almost 30. She has had to have part time jobs in order to make payments, and she moved back home for a time after being on her own. She tells students her story, hoping they will learn from her mistakes. Sadly, few pay any attention …</p>
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<p>I suppose this is because they know that it will not happen to them?</p>