Posted on 03/13/2017 4:00:22 PM PDT by Lorianne
It’s no secret that student debt can challenge millennials looking to start careers and launch into young adulthood. Increasingly, however, college loans are also making it harder for their parents to wind down their working lives.
Take Harlan Crider, of Elverson, Pa.: He’s 79, and he’s still putting in about 40 hours a week doing property assessments. He’d rather retire, but he owes $400 a month on loans he took out to help pay for his son’s college.
Stories like Crider’s are becoming more common as families seek ways to finance school amid rising college costs and federal loan limits that have remained relatively flat for students. The dollar volume of Parent Plus loans — the loan the government offers parents — has doubled in the past decade, according to an analysis of federal student loan data by Mark Kantrowitz, publisher of college scholarship and search site Cappex.com.
Crider stretched out the loan’s repayment term to 30 years to make the payments more manageable, but that means the loan term doesn’t run out until about 2030.
“I’m going to be paying until I’m dead,” he told MarketWatch.
(Excerpt) Read more at marketwatch.com ...
You are indeed lucky and grateful in the same breath for a good son.
He owes $400 a month in student loan payments? How much does his son owe a month? I’d retire anyway.
What you have said makes no difference inmy opinion.
Student loans are to be paid bu Students after they graduate. Why is that so complicated?
Typos by big fingers and small phone keyboard. Sorry.
Some people get caught by divorce decrees which order parents to split the kids’ tuition expenses. There isn’t the option of telling Junior ro get his own loans if the ex and her lawyer haul you back to court.
Bet money you're right!
I expect my kids to get a good education so that they can support us in our later years.
“unless their goal is to create debt slaves”
I’ve come to the conclusion that is the goal of creditors.
He's had to sell his beloved boat and downsize from his beautiful waterfront home... but refuses to ask these kids to start paying their own loans.I just don't get it.
Four kids. We made the choice for me to be a SAHM for the first 14 years then work part time/full time once they were all in school(and part time while they were little). During that time I helped my mom care for my dying father. Went back to work part time then full time then quit to care for my mother, who moved in with us,until she died.
I wouldn’t give up being a SAHM mom for my kids for the years I was able to (due to my husband’s job) or for being able to care for my elderly parents until they died. But it did screw with my career options and our finances.
We made the decision to help our kids with college educations since we think they are important. All four of our kids wanted to attend college and as long as they did their job by getting the grades, we would help them with the cost.
We encouraged them to live at school since we both had that opportunity. They all worked for their grades and worked a part time job once they were 15 years old and played varsity and club sports. We paid/pay for their room/board with parent loans and they paid/pay for tuition with either student loans or academic scholarships.
The two oldest had less than $10 thousand in student loans since they qualified for tons of academic scholarships (top 10% of their class). The oldest is a mechanical engineer and the second is working in her double major (music industry and math). The third only lived on campus her first year and switched her major and college so now lives at home while earning her BSN (a junior) and working as a physical therapy assistant. The youngest is living at school majoring in Accounting and working part time as they all did while in college.
We’ll probably never be able to retire since we will be paying off the parent loans (for room and board for 3) and we live in NJ, lol, for now. And with our help, their college debt is doable.
It’s a choice we made and I don’t regret it most of the time. They all voted for Trump and they will never vote democrat in it’s current form. They will never take the media’s word for anything. They are (2) or will be(2) self sufficient.
Plumbing, electrician, carpentry, vehicle maintenance, chef,
meat processing, there are a lot of JOBS waiting to be done and very few available with knowledge to take them on.
Looking for.....
Nutty and sad. (Even if my son were a loser — and this man’s son clearly is NOT one — I would never stop communicating with him.)
Needless to say this particular client and I do not have conversations concerning anything but very basic business issues.
Made a comment one time about dropping him as a client because of his very far left position on everything. One of my younger employees suggested that I don’t, but increase the fees we are charging him and smile when I deposited the money in the bank.
Kid should have funded his own college.
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