We are doing better with mortgages, vehicle loans, and credit?
card debt, but, student loan debt keeps going up.
It remains to be tough to get rid of student loan debt, especially, private
Although practically all new student loan debt is from the government.
There are payment plans obtainable for most government student loan debt, whilst still being.
What is the value of what you are buying together with your student loans?
If you are like a friend, and ?have an Ivy League law degree that lands that you simply 6 figure starting salary at the New York firm, fine, you will be able to pay off those student loans.
But if you are paying out of state tuition for a degree in anthropology or liberal arts or newer fangled major, what job would you like to get that generates enough income to your student loan debts?
Be aware what amount it costs to live, how much your employer are going to be taking out of your check for taxes, Social Security, insurance.
Remember that college or university is getting paid from those student loans whether you find a good job or no job.
It is in their interest for you to get a loan to pay for their product, and, the colleges will not be standing behind the value of that product.
What if you want to buy a house? ?Have a family?
Uh, those are not free too.
And you cannot borrow your path out of a debt problem.
Don’t think similar to the people quoted in the Neil Shah story linked with above:
Eva Lok and her husband are amongst those cautiously borrowing more.
Six months ago, the couple, who have two young children, moved right into a four-bedroom house about 20 miles off from downtown Chicago. While they took at a new mortgage to pay for the home, they tried to limit their borrowings utilizing money they had saved and borrowing some $200,000 from family.
“We wish to minimize the amount of debt we have,” Ms. Lok said.
How does borrowing $200,000 from family minimize your borrowing?
If you have already student loan debt problems, contact me.