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Personal Finances / Living Below Your Means
|Subject: Re: Yahoo article - Student loans||Date: 3/24/2013 3:37 PM|
|Author: toberead||Number: 872737 of 888334|
I don't understand why there was no plan on the daughter assisting with the loans for her education.
Based on the article, I think the daughter took out the maximum student loans she was able to get, and then the mother took out additional loans after the daughter maxed out.
After emptying the family's college savings and maxing out the federal student loans her older daughter was eligible for, Ms. Jackson still had an annual tab of up to $11,000. She ended up borrowing more than $44,000 in Plus loans, including loans she later took out for her younger daughter's education.
The article doesn't say why the daughter attended a school that was so expensive. But the other example was a student who attended the University of Tennessee because it was his "dream school" even though his family lived in Wisconsin, which has an excellent public university that would have probably had much lower in-state tuition. I'm not sure you can complain about student loan debt if you don't at least try to take cost into consideration when you decide on a college. If you can't pay your costs with the maximum amount of federal loans, maybe you should rethink where you're attending college - or at least decide whether the extra cost is worthwhile.
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