That’s right. You pay off college loans just like you eat an elephant . . . one bite at a time. For some, the elephant grows real BIG.
True, a lot of these kids listened to sharpster lenders instead of their parents, and went head over heels in debt - a lot of them thinking they’d just declare bankruptcy and default. Only, that’s what they got for wishful thinking, and then it came time to pay the piper.
When parents have helped all they can, they’ve helped all they can. - The story about the kid killing himself over a $9,000 college loan debt was so tragic, though. Any parent would quickly be able to explain to a kid that $9,000 over a lifetime is virtually NOTHING; and any parent who loves their kid would offer to help (provided the kid had talked with the parents about it and they knew about it.)
I figured, at 8 percent interest, and paying $1500 a month into it, she could have it done in about 7.5 years, at a total cost of $130,000.
If she focused on the principal, borrowing a couple of hundred occasionally from family members, she’d have it paid off faster.