Today, I ran into a former classmate. A young woman with a small child. She told me that after finishing graduate school she has *100K* in student loans. She had a hard time getting a job after school, and the only job she could find in her field paid poorly and had long hours with lots of mandatory overtime. Worse yet, childcare was costing almost as much as she made. So, she quit the job and she's trying to work from home to simply keep up with loan payments. She's getting NO benefit from her schooling or her labor - just working to pay off the loans. And that work takes her away from her child when he needs her.

And, she's not an isolated case.

So many young people sign on for student loans without realizing that those loans make them into a slave for the next 20 or more years. If they want to be stay-at-home Parents, if they want to Homeschool, if they want to just take a vacation or work less hours, they can't.

Before your child takes out student loans, seriously consider this lifetime of indentured servitude. Unlike other debt, you can't go bankrupt from it or escape it. And, penalties and interest multiply like you wouldn't believe.

Another person I know took out 5k in loans, and after just a few years of being unable to find a job in the field she had studied for - owed 50K.

Wowzers!!!

This was an excellent article in the New York Times about student debt. It's titled A Generation Hobbled by the Soaring Cost of College. It's long, but very interesting.

http://www.nytimes.com/2012/05/13/busin ... wanted=all

You are so right! My oldest has a substantial debt and is still not done with school. It worries me! I've been encouraging my younger ones either to work through college or skip it. Older dd just got into nursing school for the fall and so far she's been working hard to pay now instead of later.

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I am a strong believer in community college. The cost is 1/4 of most 4-year colleges. And, when you're done, you have a trade - so if you want to keep goint to school after that, you can work at something that pays better than Mc.D. Not only that, but if your 2 year degree is related to your 4-year degree, you can have a resume with experience when you graduate 4 year college - or when you get your graduate degree.

There are good ways to go to college & grad school - but student loans aren't among them IMO.

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Amen, sister!!!

THANK YOU! This seems to be one of the traps our youth are falling into. (And many adults as well.)

This is good information.

My oldest managed to get through with his Bachelors without going into debt. He got his two year degree at the local CC - right down the street from where we live. He got a great job, and finished the rest of his degree doing mostly online classes while working full time. So when he finished, he had a job, a degree and experience. And no debt. The compay he works for now offers tuition assistance, so he can work on his Masters degree and get some financial help.

My younger son went to the local Tech school when he was 16. Since he was still in high school, we didn't have to pay anything, except for a small amount for books. He knew exactly what he wanted to do - an associate's degree in electronics. He took some English and Math classes, too, which counted toward his high school requirements. He did so well (President's List every quarter) that he got into the co- op program. He started working at the Air Force base when he was 18....went to school for 6 months, and work for 6 months....when he completed all his school, he had a full time job - NO debt! Should he decide to move forward and get a degree in Electrical Engineering, he could also get into the co-op program, where he is PAID to go to school....they are always desperate for engineers! Getting him enrolled in the Tech school was the best thing in the world for him....it kept him busy and motivated, and he really loves what he does.

I am not sure about the youngest....only 13. But we do have a community college that offers an associate's degree, and actually offers a handful of 4 year degrees, too. It is a short walk right down the street. Now that's convenient!

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Our tech school is about 10 miles away from here, proably closer if I actually measured it.
My ds's will go this fall. I plan to take them as soon as I can to see about enrolling them.
Even if we have to pay it ourselves! I want them to take at least 2 classes to start. Anything to get them in the door and out of this one.
They have a program for police training for my one ds, and the other one I'm not sure what he'll decide to do, but just being there will be a step in the right direction.
They will also work part time to help offset the costs. This is our plan. They may have to take the GED once they graduate officially in 2013, but they are ok with that.
I'm like you all, I don't want my dc to go into huge debt for school!!

Great advice. I also see and hear too many "kids" that want to go to specialized colleges or even private ones that cost way more than they can handle. Community Colleges are a lot cheaper and still give you the skills you need to find a starting job.

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