October 8, 2010

Modern Day Debt Slaves

This dad was so convinced that his children had to go to college that he co-signed student loans for ALL FOUR of them.....yikes! He and his wife lost their jobs, they've lost their home to foreclosure and are about to become homeless, and they can't shake off the tremendous student loan debt (one loan is for $108,000) through bankruptcy.

Proposed legislation may help them out by making student loans dischargeable in bankruptcy, but the lesson here is clear: don't get into student loan debt unless you're sure it will result in employment that pays so well you can repay the loans and still have money to live on. Not too many careers fall into that category these days.

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