Recently, there have been many articles published in the news beginning to highlight the greater problem student loan debt poses on our young people…and our economy.
Time Magazine published a great one today, highlighting the impact the high cost of college and student loans have on young adults today. An excerpt:
There is growing evidence that ballooning student-loan debt is slowing the progress of college graduates toward other features of the American Dream: getting married, buying a car or a home or even just moving out of their parents’ place. Part of the explanation for these trends is simply that there is less money left over after the monthly student-loan payment is made, but home and auto purchases are also likely affected by the damaged credit ratings of those who get behind on student-loan payments. The Federal Reserve Bank of New York estimates that, shockingly, approximately 22% of student loans in the repayment phase are more than 90 days delinquent or in default. All of this is consistent with recent studies showing that millennials are doing worse than their baby-boomer parents did at the same stage of life.
At College Liftoff, we’ve been talking about this problem for years…and offer the solution. We will help your family avoid overpaying for college… and help your student avoid taking on too much student loan debt.
We do this by utilizing our signature funding strategies, as well as by doing extensive career development with our students on the front-end. That way, we can determine what your family and student are really buying when it comes to your student’s education.
This Time Magazine article offers some great tips as well–so we encourage you to read it. However, proper college planning in advance is the single best way you can avoid setting your child up for future failure when it comes to careers and finances.
We send out kids to school to set them up for success–not hinder it! So, let’s start changing the way we buy college…and do it right.