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View Diary: Open thread for night owls: Parents struggle to pay off their children's college loans (66 comments)

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  •  my mom paid my college loans (11+ / 0-)

    for which i am extremely and eternally grateful

    i am still paying off my graduate school loans after 13 years, but have finally gotten the total down below $10,000

    Politics is like driving. To go backward put it in R. To go forward put it in D.
    Drop by The Grieving Room on Monday nights to talk about grief.

    by TrueBlueMajority on Tue Apr 08, 2014 at 08:45:09 PM PDT

    •  yes parents are the real heros (0+ / 0-)

      and moms are expected to do way too much of the work.  Mamas always on stage.

      This is the season when parents are being harangued to take out $150K of loans over a 4 year college career lest their child end up destitute, living under a bridge, and probably dying a painful young death.

      They are seldom told that these loans are forever.  Yes, there are ways to get some of it forgiven, but unlike other loans, they have to be paid.  And compound interest stacks up during grace periods.  And interest stacks up during other grace period. Interest always stacks up at a high rate even for the guaranteed loans that have very little risk to the bank.

      Everyone who is going to work to earn a degree and get better educated, not just expecting to get a job, should go to college.  Those who can get scholarships absolutely should go to the school that gives them a scholarship that makes the school affordable with minimal loans. People like me who did not get scholarships should go to an affordable college and work to get the absolutely best education possible.

      I this the comparison between college loans and diamonds is quite appropos.  Buying a diamond at the inflated prices does not in any way prove love, neither does taking out a large student loan.  Both are promoted by people who see insecurity as a way to make large profits.

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