Parents With Student Debt Worry Over Sending Kids to College
May 12, 2023
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1:10Now PlayingParents With Student Debt Worry Over Sending Kids to College
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as posted by the channelA sandwich of college costs is about to squeeze parents with student loans. After a three-year pause, required payments on federal loans are scheduled to restart in coming months, straining Americans’ finances. The situation is uniquely tough for borrowers with children who want to go to college one day. These parents desperately want to help their kids shoulder the cost of higher education, but will find it harder to set money aside as payments resume.
The common image of someone burdened by student loans is a recent grad in their 20s, but a significant number of older people are still carrying debt from their college years, or Parent PLUS loans they took out to help their children pay for school. The largest chunk of federal student loans — some $636 billion held by 14.7 million people — belongs to borrowers aged 35 to 49.
“I don’t want my daughter to go through the same thing,” said Whitney Mitchell, a 37-year-old who works for a nonprofit in Alabama and has an 8-year-old. “But I don’t know which ball I would have to drop to save enough for her to go to college.”
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