If you’re just starting the college search process, please read this. And have your child read it too. Some of these new grads are carrying STAGGERING levels of debt. It’s really important to focus on affordable options, even if that means giving up on a “dream school.”
http://www.philly.com/philly/business/philly-millennials-college-student-loans-debt-20180614.html
I wish these types of articles deterred people from borrowing money for schools they can’t afford but for whatever reason it doesn’t seem to.
Actually it doesn’t sound like staggering levels–what they need to do is pay more than the minimum.
A waitress who can bring in 500 bucks a night working weekends can pay more down on her loan than the minimum, it sounds like she chooses not to.
Another one invests extra cash rather than pay off debt.
And the first case has already paid off his debt by throwing money at it (like I was raised).
I’d want to pay off the loans too, but the guy who is investing the money is actually doing the right thing by investing the money. One of the summaries referred to the student’s loan as a Plus loan, so that student may be paying off the Plus loan for the parent, but will have fewer repayment options than others who can consolidate loans or go on repayment plans.
I did like that many of these former students realize they have to work 2-3 jobs to get rid of this debt. None of them said “Oh, and I have a $50k wedding to pay off too!”
@gouf78 Most of them have over $50K in loans…up to $133K…that is staggering.
It is staggering – it boggles the mind that there are parents out there who co-sign these loans and burden their kids with completely unacceptable debt.