Heads Up to Students – An e-mail to Your Students: Dealing with Student Debt

If you’ve got student loans and you’re like most students, you try not to think about it.  But at some point you’re going to have to deal with them – and while that’s not going to be pleasant, there are ways to make it easier.

The consequences of student debt go well beyond just writing a monthly check.  A recent article in the Wall Street Journal titled “To Pay Off Loans, Grads Put Off Marriage, Children” took a look at the impact of taking on too much in the way of student loans.  Some of the possible consequences of too much in the way of student loans included:

  • Delays in buying a car or purchasing a home
  • Postponement of marriage and childbirth for financial reasons
  • Parents feel pressure to take out loans or otherwise help with payments
  • Risk for parents who co-sign loans of losing homes, cars and other assets
  • And there are more….

While we look at this in Chapter 6 of Personal Finance, Turning Money into Wealth we look at student loans, and then in Chapter 7 we take a look at all debt in the section “Tying Things Together: Debt and the Real World,” given its significance for many students, it’s not a bad idea to take another look.

A recent Wall Street Journal article, “The Student-Debt Playbook,” gives a number of ideas to help you work through your student debt.  It presents a number of ideas on how to reduce, rework, and even get rid of your student loans – all things you definitely want to do.

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