Posted on 12/02/2015 8:00:49 AM PST by Responsibility2nd
For the past 20 years Susanne Walsh has been dreaming of a retirement where she'd travel the world.
Unfortunately, those retirement plans are now on hold -- indefinitely.
That's because Susanne and her husband Bill helped pay for their two sons' college education and even cosigned on some of their student loans. Despite graduating with four-year degrees, neither of them have found stable jobs.
Now Bill and Susanne are shouldering the brunt of roughly $189,000 in combined student loans.
"I really didn't think I'd still be working at this age," Susanne, 59, told CNNMoney.
The couple is currently paying $744 a month on their 24-year-old son Tim's roughly $129,000 of student loans.
Tim graduated from Rutgers University with a bachelor's degree in journalism and media studies. He's especially interested in a Hollywood career, but has found it hard to land a job there, though he's picked up some spots as an extra on TV shows. Tim is mostly trying to make ends meet by working as a waiter and bartender.
~SNIP~
Their other son, Sean, lives at home and is pursuing a second degree. He has about $60,000 in student debt from earning a bachelor's degree in technology management from the Pennsylvania College of Technology in Williamsport.
The 28-year-old's student loans are in deferment, which means he can temporarily postpone the payments. However, the loan continues to accumulate interest.
(Excerpt) Read more at money.cnn.com ...
Yeah, what’s another trillion to the debt, anyway........
Higher education is a total scam.
Internet video of lecture classes. Cut costs by 80%. Fire all the liberals ruining our kids’ minds.
Welding pays better.
Hey well at least he knows about Glowbull Warming, transgender rights, safe spaces and privilege.
Now pay up mom and dad, and be sure to vote demonrat.
Should have considered a good trade school.
Apparently I missed the part in which someone held a gun to the parents’ head about spending insane amounts of their own resources to send the boy to Rutgers so he can graduate with a bachelor’s degree in journalism and media studies.
$189K for him to be a liberal journo hack? Sorry, Mom and Dad... you asked for that one.
Too funny, Obama boy living in Mom and Dad's basement shirking responsibility. He could flip burgers and make 800 a month to pay his loans, sheesh
I had to fund my own college costs. Six years in the Marine Corps got me the GI Bill. The rest I worked for, except two small student loans near the end, and they were paid off a long time ago. I also took my studies much more seriously than I did high school, because I knew how much this was costing me.
“... graduated from Rutgers University with a bachelor’s degree in journalism and media studies. He’s especially interested in a Hollywood career, but has found it hard to land a job there...”
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Perhaps he should put Hollywood on the back burner and get a job so HE can pay his student loan payments instead of making his parents pay.
59 and can’t retire yet, pass the towel
They didn’t get degrees in engineering, mathematics or the hard sciences. A journalism degree is toilet paper... Technology management? What is that?
Serves them right for indulging their kids fantasies
Until Trump brings back the jobs, horror stories like this are going to increase. We will all be working for Chinese wages if current policies don’t change.
Sounds like their older son, needs to get his head out of the clouds and get a real job.
Undergrads themselves are simply not allowed to take on so much debt, at least with our government-run student loan program. The parents probably had decent jobs (until they lost them) such that the kid was probably not offered much financial aid.
Once again, the middle class gets screwed.
On the other hand, I have come across programs where PARENTS are allowed to co-sign for loans. For my daughter’s university, I was offered a $60,000 loan from a private company, referred by her university. I was amazed how quickly and easily it could have been done. What a time bomb that would be, I thought.
Here’s an idea- work full time as a waiter/bartender for a few years and pay off your own debt, slacker.
Nearly every bartender and waiter in Hollywood is an "actor" just waiting for their big break. He better start working on a backup plan if he doesn't want to wait on tables for the rest of his life.
Had a discussion with a life long friend and analyzed the fact that a BS or BA from a top tier university with 3.0 or higher does not open doors to employment in this economy unless it is in certain fields.
Many graduates are having trouble finding suitable career opportunities due to the Obama economy.
They are morons.
It is not taxpayer responsibility to bail these idiots out of their mistake.
The FIRST thing a responsible parent does is to ensure that whatever his children's chosen avocation is to be is that it is one that can make money. Otherwise, the child should be forced to pay their own way or be responsible for their own education and the parents shouldn't cosign sh!t. I don't feel one bit sorry for these two parents.
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