“The Federal Reserve Board’s sixth annual survey of household economics had plenty to say about college debt, and how it weighs on students and their families. Here are some key findings.
- About 6% of adults have incurred debt to pay for a child’s or grandchild’s education. Most do it via standard student loans, but some 15% use credit cards and slightly more than 1 in 10 take out home equity loans
- Nearly 3 in 10 adults with outstanding education debt are not currently required to make payments on their loans
- Among those with outstanding student loans from their own education, 2 in 10 are behind on their payments
- Among those with $100,000 of debt or more, 16% are behind
- More than one-fifth of borrowers who went to private for-profit institutions are behind on payments”
This is an area where a professional college counselor can really help. There are many ways families can plan ahead for college expenditures and there are opportunities that students can take advantage of during the high school years which can lower the cost of their college tuition drastically.
If you want to know more about how your family can put those cost-saving plans into place right now, contact us for a free consultation.
Excerpt from Bloomberg News 5-28-19 (https://www.bloomberg.com/news/articles/2019-05-28/buyer-s-remorse-high-debt-and-low-pay-leave-some-grads-rueful)
