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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]get over it guys and gals, the irresponsible people will get some sort of relief for perusing low paying careers and taking out a bunch of loans without any thought on how they would pay it back and the tax payers will fork the bill.  thank you!![/quote]

Do you realize that the “irresponsible people” who decide to take out these loans are HIGH SCHOOL SENIORS? We make high schoolers decide where they will go to college and how they will finance it. They make these decisions when they are 17 or 18. Do you really think they understand that they will actually have to pay back thousands upon thousands more than they received? I have 2 college students. It was never explained to them that they will have to pay it back several times over. Fortunately, my kids have parents who helped them understand this, have some college savings for them, and will help them pay back the loans. Many kids do not have parents who can or will help them. If their own parents didn’t go to college, then they probably don’t have a clear understanding either. Yes, a college senior is old enough to understand the concept of loans and interest…but not to this magnitude. My kids’ colleges offered them thousands in loans, and it was never laid out for them that if they make minimum payments, it will take this many years, and they will end up paying this amount.

Even if it was laid out for them, high schoolers have no idea what their income and expenses will be in five years or twenty years. Ridiculous that we let children commit to these astronomical loans and then half the country calls them irresponsible for getting in this position. Even though, if they avoided it by working low-wage blue collar jobs instead of college, half the country will call them lazy and say those jobs aren’t meant for adults. They can’t win. [/quote]

Which is why it’s good that 18-22 year olds are limited in the amount of money they can take out on their own. The problem is graduate school loans and parents taking out and co-signing private loans. You’d think a parent would know better than to sign up their kid for $20k a year in loans. What kid is going to tell their parent no?[/quote]

Believe me, students are given more than enough loans to get themselves into financial trouble. And most graduate students still don’t have enough real world experience to understand what they are signing up for. They have only known home and college life. We take out loans for cars/houses based on our current financial situation. Students are expected to predict what their future expenses and salary will be and budget their entire future before their brain is fully developed.

And many parents don’t know better. My own parents are smart and financially responsible. But they didn’t go to college. My siblings and I all went to our hometown college and lived at home. Our tuition was less than $1K. When my kids were little and I talked about saving for their college, my mom said that it’s not that bad and people make it sound worse than it is. She said, “We just put it on a low interest credit card and paid it off throughout the year.” So…that’s the kind of advice a lot of kids are getting and the expectations many parents have and plan for over the years.

Btw, tuition at my hometown college is now over $8K. [/quote]

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