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Posted by on in Paying for College

student-loansThis will be an incredibly big week for college students and their parents, since it appears as though Congress will vote on the latest bipartisan proposal to solve the student interest rate issue. As of July 1, interest rates on subsidized student loans (those designed for the neediest students) increased from 3.4% to 6.8%.

If this increase is left as is, the current student debt crisis—a crisis that has been written about and discussed for several years now, a crisis that has seen student debt grow to more than 1 trillion dollars (surpassing credit card debt), a crisis that has led many young people to postpone major post-college life decisions, such as marriage, that they can’t afford, and that has led many other young people to forgo college altogether—will only get worse.

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Posted by on in In the News

The student debt crisis has been in the news a lot lately, but according to a recent article by USNews.com's Student Loan Ranger, student loans can place a heavy burden on parents as well. They state that, “In the first quarter of 2012, approximately 2.2 million people ages 60 years and older held student loans” and that “the Social Security checks of 115,000 retirees were being garnished to pay defaulted loans.”  Can you imagine having to give up a portion of your Social Security when you’re retired because of unpaid student loans?  While there are limits on the amount of government money families can borrow, there is no set limit on the amount of private loans, and that has gotten a lot of Americans into financial trouble.

In a recent College Countdown survey of parents of college-bound students, several respondents commented that they were still paying off their own student loans, making it difficult and stressful to decide how much they would contribute to their children’s educational goals. While most parents were willing to contribute to their kids’ education, others felt that paying for college was the student’s sole responsibility.

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Posted by on in Paying for College

how to talk about college costs with kids

Most parents of high school students recognize the value of a college education and actively discuss the benefits of getting a degree with their children early on. Before their high school years even begin, parents emphasize the necessity of good grades, strong test scores, and involvement in extracurricular activities to make their student a desirable candidate for college admissions. Unfortunately, there is one aspect of the college process that doesn’t seem to come up in dinner-table conversation: paying for college.

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Posted by on in Paying for College

StressedParent

A new survey finds American families are willing to increase their student loans or debt, or take on a second job or sell a car, so their children can attend college. This mind-set prevails despite the fact that student loan debt has taken on crisis proportions topping $1 trillion.

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