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The true cost of college loans
By Ruth Miller of Our Money Watchers
Level of education is a key factor in earning potential. Students are encouraged to continue their education upon graduation. There are many ways to pursue job training; internships, apprentice, associate’s degree (two year college), bachelors degree (four years college), and post-baccalaureate degree. Each of these paths has financial implications that need to be considered carefully. Lisa was encouraged by her family to enter college upon her high school graduation. She is a smart girl and was accepted into New England College. Paying for college would require taking out loans because her father made to much money for her to get federal grants and her mother who was poor had just married a man that was affluent. Lisa took out college loans with the help of her father who co-signed the loans. After two years in college, Lisa decided this was not the path for her and dropped out. She began to travel and waitressed to support herself. All was good until her college loans became due. She owed $45,000. Paying back student loans can be daunting if you do not have a career that can support this type of debt. Lisa discovered this the hard way. She struggles to pay the minimum payment while at the same time supporting herself on a waitress’s salary. She cannot default on the loans because this will affect her father’s credit score because he is a cosigner. She cannot file bankruptcy because to include college debts in a chapter 7 case the debtor must prove that repaying the student loan would impose an undue hardship on the debtor. She would like to go back to college and finish her degree, but cannot do this because her credit is very low and she cannot get assistance. Lisa discovers a way to make money to help pay her past due college loans. She has decided to sell her female eggs. For each couple that wants her eggs she will get $5,000. If she can attract eight couples she can pay off her student loans. The process of selling your eggs is long and complex. Potential donors are screened physically and psychologically. This is followed by numerous tests, medications that need to be taken and surgery to remove the eggs. This process should not be entered into lightly; great thought should be given to the pros and cons of this decision. Education is an indicator of future success, but it is not the only indicator. As we educate our children we must include financial management. Young adults need to know the impact of their actions on future financial health. College students must understand the ramifications of taking out student loans for college. The financial health of the next generation depends on them understanding the financial mistakes made that created our current financial crisis.
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Thank you for sharing, Ruth.
The information is timely, as it seems that we in America are intent on spending tomorrow's income. Parents need to look hard at their children, before they co-sign that loan.
Keep up the good work.
Best wishes.
Frederick
I would be surprised that anyone in the market for donor eggs would put someone who has large financial debt from education as one of the criteria for selecting the donor.
CONTRIBUTOR'S REPLY
sad, but a true story. They do not check credit when asking for eggs.
Note to self, do not co-sign any student loans.  But seriously, dropping out of college is always a bad idea. Not going to college in the first place, that I understand. But one should never drop out of anything if one signed up for it voluntarily.
you right, thats a ture story too. university is business man mostly.
 | | Joe Apr 19, 2010 19:55 | |
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This intel was contributed by RuthM
RuthM
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