I deal with debt elimination in my line of business and I am amazed at the student loan debt that people are accumulating. Don't fall into this trap. I tried to help a young lady and it was too late. She had a Master's Degree and that couldn't even help her!
She had a $125,000 student loan that she said was in deferment for three years and she didn't need to start paying back right now. I figured it out and if she started paying just $300 per month on that, starting right now, she would never have it paid off in her lifetime. If she started paying it right now at $600 per month, it would take her 37 years.
We need to educate these young adults. We need something because older adults that should be responsible are lending all this money out knowing that a lot of these kids cannot pay that kind of money. They are ruining their credit. Think about all the credit card offers these kids get. I have three sons and each one gets at least 1-3 credit card offers a day. That is truly ridiculous. I just had it stopped. You can opt out of all these offers. Do you realize it is harming your credit too? Every time they check your credit to offer these, it bring your score down a little bit.
Please, please, if you can get some kind of scholarship or go to a community college or technical college for two years to get some of your core classes out of the way, it is much better. Then if you want, you can transfer to one of the bigger colleges. It is not worth it to spend that kind of money.
Most kids think they will step out of the college door when they graduate and be making what Mom and Dad are making. I know a lot of kids that are working in restaurants until something opens up for them. We have got to educate them. If you are in GA, take advantage of the Hope Scholarship and Hope Grant, fill out that FAFSA! Fill out every scholarship application you can get your hands on. It does pay off.
By Brenda from GA
If you receive any kind of Stafford, Perkins, FFEL, or plus loans (all federal), the loans are discharged at the death of the student or the parent. So just pay on it like any bill, with no eye to ever paying it off.
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As a university student, I often found times tight despite not being one to party like everyone else. I could just never understand why everyone always had money and I was often broke and pinching pennies for groceries.
