“This would be a much better world if more married couples were as deeply in love as they are in debt.”
Parents don’t regret this decision, but maybe they should
Source Date:
Thursday, February 21, 2019
Parents often try to do what’s bestfor their children, including helping with studentloans and college tuition — but at what
costto them?
About 47% of parent cosigners felttheir children’s student debt had affected their retirement, according to a survey of 850
parent cosigners. More than 62% said their credit scores were negatively affected by cosigning private studentloans, and
40% said their decision to cosign has hurttheir ability to qualify for other types ofloans, such as a mortgage or car. Still,
More than 65% said they would do it again and 63% did not regretthe decision.
See: Parents: Help your child pay for college without draining your retirement savings
College tuition has skyrocketed in the past 10years, even when adjusting for in
ation, according to a 2017report by the
Center on Budget and Policy Priorities. Some states have seen the price for one year of college jump as high as about 90%,
such as inArizona. Students have amassed $1.4trillion in student debt, and it’s hurting their current
nances, adding to
other essential bills (like rent or a mortgage) and their ability to save for the future.