September 25, 2006

Student Loans – no longer “good debt”?

Posted in Student Loan News at 11:28 AM by Joe From Boston

Here’s a very interesting article from the Washington Post. Michelle Singletry ask:

“We’re told over and over again that student loans are good debt. The conventional wisdom says that, like a home loan, student loan debt will turn into an asset. But what happens when it doesn’t turn out that way? What happens when people take on tens of thousands of dollars in loans that may take decades to pay off?”

I highly encourage you to read the entire article, but you can probably see the answer she comes to. So what does this mean for parents?

Do what you can to eliminate debt. Grants, scholarships, savings… there are things you and your childcan do to lower your debt burden.

Scholarships!!! Your child will need student loans – unless you’re very lucky or very wealthy, that won’t change. But yuo can lower the burden by applying for scholarships that DO NOT need to be repaid. Many students – including my self – and think that $500 isn’t worth the effort. Well, if you get 10 $500 loans suddenly that’s $5000 and that’s nothing to laugh at.


1 Comment »

  1. […] More: continued here Financial Aid, Student Loans, student debt […]

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