This is where me and educaiton part ways and parental responsibilities. Children
are being dishonest and criminal endangerment of their families and parents when
the parents get caught in this trap. And it is entrapment, by children and
lenders. Of the 1 in 10 loans in a rears is a child with parents who can't
pay the loan.I have no faith in undisciplined children and 90% of
children think their parents owe them the traumatic debt and loan is dumped on
their lives.I advise for parents never to sign any student loan, its
the childrens debt and parents should not be held liable. Now we have millions
of welfare funded children feeding off our taxes to free colleges and this group
is causing parents more heart ache and debt think they should be held
accountable for.Student loans must be the primary debt of students,
not parents and laws should reflect this debt accountability to students only.
Most lenders entrap parents by torture and lies that encourages children to hate
parents if they don't sign the documents. Parents get trapped by thier
assets and property if children defakult and I'd bet 90% of children
intentional defraud parents.
I am glad i live in utah and can afford to pay for my own education.
1. Tuition is rising and that money is not going to the things it should.2. Students need to be taught better about the cost/value ration of a
college degree. (i.e. getting a degree in accounting or education from a
$40k/year liberal arts school is simply stupid).3. Private
education loans need to be regarded as predatory loans by all involved
parties.4. Students should be educated regarding what a loan really
is, AND how to live frugally while in college. It's a meaningful part of
life's school.5. Parents who are middle class should not be
swayed by their children's (or social circle's) guilt trips. Want to
go to an expensive school? Figure out how to pay for it yourself. Mom and Dad
have done their job by getting you to the point where you can attend school and
alive at the same time. 6. Tax breaks equal to tuition costs need
to be put in place for incomes less than 100K/year so students can attend their
first two years of school at a community college or state university essentially
free, which would also encourage students to attend less expensive schools.
Tuition costs are outrageous and there is no justification for it. Many private
universities are making a profit on tuition. There is no incentive to control
costs as long as loans and grants will fund these bloated institutions.Institutions of high learning should not admit more students to any major than
they have historically placed from that major.Students should be
prohibited from incurring more student dept than they are able to pay back in
under 10 years with payments under 25% of their expected salary. I worked with a
beautiful young lady who had a masters degree in Mechanical Engineering from
Princeton and $200,000 in student loans. No guy would get serious with her. It
was destroying her ability to marry and have a family.1. Get a two
year degree from a JC.2. Major in something that will actually pay at a
state university or BYU where tuition is still a bargain.3. Do not get a
worthless degree. Ethnic Studies, or Disgruntled (you name the disgruntled
group) Studies are really majors in self pity. I would never hire anyone dumb
enough to major in such a thing.
Cheap term life by parents on the life of their child with whom they've
co-signed is a very well made choice. It is even more so inexpensive the
younger they are, such that you can totally protect yourself as a parent at
reasonable cost in the event of their early death.
Add one more to the list of the certainties in life. It is now Death, Taxes,
and Student Loan Repayment. People should be held responsible for
the debts that they incur, but the student loan system as it has now been set up
is putting the younger generations into financial bondage.
"DePaul's parents had co-signed on the student loans that paid for her
master's degree in international journalism at Cardiff University in
Wales."OK, there is so much wrong with this picture. Parents
who spoiled their child continue to do so when they are an adult, and jeopardize
their financial stability to do so.An expensive foreign private
hoity-toity university, when a domestic one would do just fine.Majoring in a dying business, where actual good-paying jobs will be fewer and
farther in-between.My kids know they are getting the first year paid
for, then they are on their own. (At a State school or a BYU option). There
are a few dollars in savings for them, about enough for another year, if they
scrimp. We will walk them through the Financial Aid maze and help them, but
they all know that I put myself through college (a state school) working 3 PT
jobs and borrowing little, and they can too. They will get an older running
vehicle, but will pay gas and insurance, or take the bus.Co-signing
a student loan? Not going to happen.
Translation: The entitlement society of the left has convinced the rising
generation they have no personal responsibility for their own educations, its
owed to them! A better title for this article would be; The Dependency Cycle On
Student loans should be limited by the ability to repay the loan.
A primary driver for rising tuition is the federal government subsidizes
tuition. The subsidy cut the market cord between tuition costs and the expected
salary necessary to justify the tuition. Another example of unintended
consequences when the gov gets involved in the private market.I was
in law school 10 years ago and every year tuition rose 10% despite no increased
school operation costs, no improved services or increased expectations in job
prospects. The only think that apparently increased was the amount of money the
federal gov would loan to pay for the education.
Boo to Money Magazine to advise that "The amount parents borrow for all of
their children's educations should not exceed their annual salary and
should be repayable within 10 years or in time for retirement, whichever comes
first." How about don't take out any debt for your child. If the child
doesn't pay you have to and there is NO way out of it! Teach living within
your means. Save. Look into scholarships, etc. Go to a local school and live at
home while you work to cash flow. There are other ways then debt.
It's stunning to me how short sighted the comments posted above have been
When my children were living at home I did not do my part in saving for their
education. Consequently when the time came for them to enroll in college and
they needed the money for tuition, books and living expenses, I felt obliged and
grateful that I could at least co-sign a loan that would help get them through
college, I didn't co-sign every loan, just the ones they needed a
co-signer for - you know, the private ones - because while they were students
they couldn't qualify for the payments - duh! Now that they are all almost
out of college and starting their careers they are struggling to make payments
on the astronomical loans required to pay for their education. But they do
their best and I occasionally help them. As I like to remind them, we are a
family and we are in this together. It would be nice if we, as a nation, valued
education enough to make higher education more affordable but until then,
I'm glad there are student loans to acquire.
my youngest did this and we are still paying off ! the claim of 'i will
make the payments when i get a job after graduation'. ya ha ha ha NOT.
warning to all parents do not sign any loans. we are being stretched thin and
just surviving. we have about 2 more years of this....
This would not be a problem if tuition costs were affordable. Tuition for all
schools in Utah have raised around 20-25% in the last two years. I'm now
paying $1200 more dollars this year for tuition than I was when I started
school. That's a joke. I have taken loans out of necessity. Don't get
me wrong, I work full time, but there is no way I would be able to pay for
school because I will never find a job good enough to cover my tuition, without
a degree. However, after I graduate I would never "live prosperously" as
my parents paid off my loans, as this article has mentioned. Parents that do
that are only crippling their children. Make them go without for a while.
That's okay, they don't have to have everything NOW.
Cohen said. "That's what college is for — prepping the little guy
to go out into the world. If your child can't handle financial decisions,
don't send them to college."I really liked that. The same
might be said of Parents. The same might be said of those we send to
Washington.I couldn't help noticing the number
"trillion" being used in terms of how much is owed for student loans, as
that number has been used in terms of National debt. Where will it ever end?
Not a bad idea..Life insurance for your kid. Not only to pay off student loans,
but all costs that come with an death of a love one.
One takes out Student loans to help one's kids get a career started and
become financially independant. One expects to pay these things off smoothly
like a car-loan. One doesn't expect to get divorced and have to deal with
that consequence when you take out these loans. My Former thought otherwise and
left me holding the bag. BTW, Kid number four will now have to
take out his own Student loans after he transfers from a JC to a UC. As I
can't reasonably be expected to be paying his Student loan when I'm in
Does this include parents paying $400 dollars per month for 18 months for their
daughters and 24 months for their sons? Just wonderin.Why is it ok
for parents to finance their children studying abroad for their religion but not
ok to finance their education? I wonder if the commentators above either
financed their own missions by themselves or financed their children's?
Do NOT consider anything that doesn't offer a coop education program
(Engineering is my favorite, and I graduated 1100 1978$ in debt c/w 3 mo of UIC
Benefits that covered it). DO check out the cost of Canadian
Universities, they are ALL A rated, and some of them best in the world!Worst Case: McMaster in Hamilton - best MD school in world, and Coop
40KCDN/yr. No Name Susquehanna U pre med at 52K$US/yr even at 1.04$us/$cdn this
is a bargain, and Washington treaty means you can practice in US after all is
said and done!
Maverick - huh? I love how to some people in this state EVRYTHING is about
@The Real maverik--This article isn't about religion...if you want to
talk about religion, go to church!
I'm graduating in two weeks with my bachelor's degree and I did not
take out one college loan. I worked full time my entire time going to school
and went to school full time graduating in 4 years. I also paid for my
"religious study abroad" (as maverik calls it) all by myself and I will
have over 100k saved up in the bank by the time I graduate. Why? because I was
raised on a farm and know how to work hard to make ends meet and I'm not
like all of the other college kids these days who play video games in their
parents basements while never having worked a day in their life and never have
had a real job. I will NEVER let my kids do what these kids did. I will teach
them hard-work and responsibility just like my parents taught me. Some of the
blame has to go to how these parents raised their kids.