Could you one day have your social security checks garnished to pay for your kids’ college?
You may be in danger of having your social security checks garnished and not even realize it.
Parents duped into taking out Parent PLUS loans to pay for their kids’ college can find themselves on the hook for hundreds or thousands of dollars each month, right at a time of life where they may be wanting to (or worse, needing to) retire.
Your kid’s in 6th, 7th, or 8th grade? It’s time to set him or her free to feel jazzed and excited about college. Plus — as a parent– learn 8 things you can do right now to keep that kid’s future college costs low.
A 35-year-old father of two recently contacted me in desperation, looking for help getting out from under $40,000 in student loan debt. “I’ve been paying $475 a month payments on this debt for years,” he said, “but because of interest piling up, I’ve hardly made a dent in it! I can’t buy a house; I can’t save for retirement; and we’re just scraping by every month, just barely able to pay our bills. Help!”
My advice to him was blunt. “You need to get aggressive,” I said. “Start doing insane, crazy things to pay this debt down as fast as possible.” I talked to him about finding an elderly person who needed a little help with home care and yard work, and moving his little family into one room in this person’s unfinished basement to save on rent. I talked to him about selling his nice car and taking Uber to the grocery store and public transportation to work. I talked to him about getting all of Amy Dacyczyn’s Tightwad Gazette books and adopting a whole bunch of her crazy, outrageous, creative strategies for saving money and paying down the principal on debt.
Parents, don’t let what happened to this man happen to your kid.
Watch this 3-minute movie trailer for the student loan debt documentary “Broke, Busted, and Disgusted.” Then buy or rent the documentary and consider watching it with the teens in your family.
“Broke, Busted, and Disgusted” is guaranteed to light fire in your teens to do all they can to avoid student loan debt, and in you to do everything you can to get your kids through college debt-free and into jobs they love afterward.
To keep debt-free college at the top of your mind as your kids are growing up, subscribe to my “email updates” using the form on this site, and then open it every single time it lands in your email inbox. It always includes a valuable timely article, plus info on my speaking and online specialty classes. (Use the directions here to make sure your email provider always sends my emails straight to your email inbox.)
Don’t let your kids become a student loan statistic.
Buy (or rent) the entire 53-minute “Broke, Busted, and Disgusted” documentary here.
You can see the “Top 9 Questions Parents Are Asking Me About LAUNCH,” here.
Read just one chapter of LAUNCHevery 1-3 months while your child’s in middle school and high school, and you’ll know every viable strategy for debt-free college at exactly the right time to implement it.
And if your child’s already well past middle school? That’s OK; you can run to catch up. But the process of getting your kids through college debt-free goes more smoothly the earlier you start it – especially if you’re not planning to save up any money to pay for college.
Do you have friends who are parenting kids ages 12 – 22? SHARE this post on Facebook, Twitter, and LinkedIn right now.
What about you? What jumped out at you when you watched this trailer for Broke, Busted, and Disgusted? What are your favorite strategies for helping kids avoid student loan debt? Comment below or LIKE Jeannie Burlowski Author on Facebook, find this post on that page, and let’s talk about it there.
Who is Jeannie Burlowski?
Jeannie is a full time author, academic strategist, and speaker. Her writing and speaking help parents set their kids up to graduate college debt-free and move directlyinto careers they excel at and love. Her work has been featured in publications such as The Huffington Post, USA Today, NerdWallet, and US News and World Report.
Jeannie also helps students apply to law, medical, business, and grad school at her website GetIntoMedSchool.com. You can follow her on Twitter @JBurlowski.
This article is part 3 of a 3-part series on what students can do if they’ve left college with student loan debt. You can find the first two (very important) articles in this series here and here.
Every year, frightening numbers of students finish college with massive amounts of student loan debt—and then find themselves completely unable to find employment that pays enough to cover their student loan payments.
Many of these 20somethings work as nannies, restaurant servers, and cashiers, jobs that barely pay enough to cover rent and groceries.
What can be done about this? Simply not paying on student loan debt is not an option. (You can read about the scary consequences of student loan debt default here.)
If you’re a former college student and you find yourself in this position, here are 6 strategies that will help.
This article is part 2 of a 3-part series on what students can do if they already have student loan debt. To read the very important article that was part 1 of this series, click here. To read part 3 of this series (the one about student loan forgiveness), click here.
In the first article in this series I explained the 7 important things that student loan borrowers need do immediately after leaving college.
I didn’t have room in that article for this very important to-do item:
What would you do if you found out that your son or daughter was failing college and dropping out?
Today I’m sharing the frantic email I received this week from the mother of a current South Carolina college freshman.
It’s my hope that this mom’s pain and heartache will light a fire under you to do everything you can to keep this from happening to your family.
(Subscribe to my free email newsletter using the form on this site, and I will help you.)
It’s also my hope that my answer to this mom will give you help and hope. This letter is used with permission. Details have been changed to protect confidentiality.
Remember, you can always find out your child’s current grades by waiting for him or her to ask you for money. When you get the money request say: “Sure, Honey. Would you just log me into the computer and show me all your grades first, though? I like to know what I’m investing in.” — Jeannie Burlowski
This post is a scary one. But read all the way down to the red print at the bottom and I’ll give you a boatload of hope about college.
1. “If you don’t get into a good college, you won’t be able to get a good job when you graduate.”
This statement is completely and utterly false. Let’s all be honest for just a minute. Don’t you know people who went to so-called “bad colleges” and they have great jobs? Let’s get even more honest. Don’t you actually know many, many, many people who went to so-called “bad colleges” and they have great jobs? Why do we purposely scare kids with this lie?
2. “You, of course, shouldn’t even consider technical school.”
The bias against technical school gets communicated to kids from the age of 12 on up in a thousand insidious ways.
The subtle message kids hear is: “Tech school is for kids who aren’t as smart as you.” “Tech school is for kids who can’t get into real college.” “We won’t even show you a catalog of job training programs available at a technical school. We don’t care if tech school would empower you to make really great money after only two years of training. We won’t even suggest the possibility of going to technical school first and then perhaps four-year college after that. You’re smart and you come from a good family — that automatically means four-year college or university for you.”
(To see my post on “Could Your Kid End Up Wealthier and Happier by Not Going to College?” click here.)
3. “Of course you’re going to take out $40,000 in student loans to go to college. Don’t worry, you’ll easily be able to pay those loans back with the excellent job you’ll get after you graduate.”