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.
What do you think?
Would you be willing to take on additional debt for your child’s education, even if it jeopardized your own retirement?
To learn more about how to go to college without taking on excessive loan debt, check out the Financial Fit™ program in the College Countdown bookstore.