In Reply to: A poll... if you wouldn't mind sharing. When your kids graduated college, posted by how much student loan debt did they incur and what was SM on Tue, Jun 10 2014 at 10:22 AM CDT:
At least it was 100k the last time she told me at which time I completely lost it. That was a few years ago. She was always very secretive about it because she knew I would read her the riot act and she just didn't want to hear it.
I know of NO ONE among my friends who have a child with student loans like my daughter. Most are in the 20-30k range. This daughter of mine is 33 years old.
As an adult, it was her choice to take out these loans. I am angry at Sallie Mae for giving her the money and I'm angry at her inability to listen to reason. Apparently, they did because her credit score was always good. The better the score, the more they would loan -- with absolutely no conscience on how a person could ever repay it.
Its predatory lending, plain and simple.
And no -- except for one small loan, I never ever cosigned a loan. Its all hers.
I begged and begged her not to go to a private college, but she insisted it was what she "wanted to do." I told her she would regret it. I explained every which way until Sunday why this was a bad idea and how she would never get them repaid.
It fell on deaf ears. She wanted to do what she wanted to do.
Its not as if I didn't teach her about money management -- I did from the time they were teenagers. I was a poor single working mom -- many times working two and three jobs. If my kids wanted anything above the necessary, they had to get a job and pay for it themselves. And they did, but something somewhere did not make the connection.
This daughter just now finally has gotten a good job in her field -- after being UNEMPLOYED for over a year and her unemployment ran out. She deferred her payments because of no job -- and the interest charges go up and up and up.
My guess is, her loan totals are over 120k right now. She is too embarrassed to admit it to me, and rightfully so.
Sorry my response got so long, but I totally understand where you are coming from, and all I can say is, you have my sympathy. Your child -- and you by default -- will live with this for years and years to come.
This daughter will more than likely never get married -- because what guy is going to want to assume a liability like this? It basically ruined her life.
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