Let me be blunt: I hate student loans. I believe student loans are crippling this generation. Student loan debt has now surpassed $1 trillion in the U.S….that’s TRILLION with a “T”!
More and more 20 and 30-somethings are putting off marriage and having kids because of their student loan debt. What a tragedy!
The average college graduate now has something like $28,000 in student debt. It’s becoming easier and easier to find people with $60k or even as much as $100k in student loans. That’s absolute insanity!
I can’t imagine having a $750/month (or more) payment for 10 years to Sallie Mae. That’s not a payment schedule. That’s a prison sentence. Talk about being a slave.
Now, I’m not going to rant about the cost of college. At the core, they are a business and have the right to charge whatever they please. This is a call to you PARENTS!
Don’t allow (assist, or even encourage) your children to walk into the college and bury themselves in tens-of-thousands of dollars in debt…especially for a degree that has NO MARKET VALUE!
Spending $60K on a degree that produces a $30K/year job is STUPID!
Back when I was in college, I remember going to the financial aid office and signing promissory notes. I had NO CLUE what I was doing. I was going deeply into debt with the stroke of a pen without even thinking twice about it.
Parents intervene! No mater how smart, your 18-year-old child has no concept of long-term consequences. That part of their brain doesn’t even fully develop until they are 23-years-old.
Teach them about debt. Make sure they understand the bondage debt creates, especially if they don’t know exactly what they want to do or are pursuing a useless degree. Explain (or and over if necessary) that those loans MUST be paid back whether they finish or not.
Have them go to community college or work and save money in the meantime.
What’s your experience with student loans?