Student loans trap parents, too

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  • papi_chulo Ogden, UT
    April 11, 2013 11:03 a.m.

    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.

  • papi_chulo Ogden, UT
    April 11, 2013 10:58 a.m.

    @The Real maverik
    --This article isn't about religion...if you want to talk about religion, go to church!

  • statman Lehi, UT
    April 9, 2013 11:29 p.m.

    Maverick - huh? I love how to some people in this state EVRYTHING is about religion.

  • Ironwood Calgary, 00
    April 9, 2013 4:42 p.m.

    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!

  • The Real Maverick Orem, UT
    April 8, 2013 10:38 p.m.

    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?

  • BYU Track Star Los Angeles, CA
    April 8, 2013 4:24 p.m.

    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 my 80s.

  • PAC Phoenix, AZ
    April 8, 2013 1:45 p.m.

    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.

  • Fern RL LAYTON, UT
    April 8, 2013 1:49 p.m.

    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?

  • SS MiddleofNowhere, Utah
    April 8, 2013 1:21 p.m.

    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.

  • djk blue springs, MO
    April 8, 2013 11:01 a.m.

    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....

  • ECR Burke, VA
    April 8, 2013 10:56 a.m.

    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.

  • luv2organize Gainesville, VA
    April 8, 2013 9:48 a.m.

    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.

  • lex loci Cottonwood Heights, UT
    April 8, 2013 9:43 a.m.

    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.

  • Pete1215 Lafayette, IN
    April 8, 2013 9:31 a.m.

    Student loans should be limited by the ability to repay the loan.

  • Mountanman Hayden, ID
    April 8, 2013 8:15 a.m.

    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 Display!

  • J-TX Allen, TX
    April 8, 2013 8:00 a.m.

    "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.

  • JimInSLC Salt Lake City, UT
    April 8, 2013 7:48 a.m.

    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.

  • rlsintx Plano, TX
    April 8, 2013 7:15 a.m.

    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.

  • The Rock Federal Way, WA
    April 8, 2013 6:43 a.m.

    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.

  • Springvillepoet Springville, UT
    April 8, 2013 6:37 a.m.

    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.

  • Go Utes! Springville, UT
    April 8, 2013 6:28 a.m.

    I am glad i live in utah and can afford to pay for my own education.

  • My2Cents Taylorsville, UT
    April 8, 2013 3:28 a.m.

    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.