The Pros And Cons Of College Debt

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Bill Bennett said of higher education “ The higher amount you put into high education, at the federal level particularly, the more the price of high education rises. It’s the dog that never catches its tail.” Bennett asserts that while the prices of education are rising they are not going to start coming down because of the amount the government is putting in. The average student leaves college with an average of $35,000 of debt. Because of this debt student have to put off major life decisions like starting a family or buying a house because of the debt they have accumulated from their college years. The mountain of college debt left upon student can be overcome with the help of parent’s support and smart money planning. When parents are preparing their students for the future, they need to be thinking about college sooner than their student’s senior year. As a parent if you want to save for a college fund, begin saving for your child’s …show more content…
Students are being burdened with the kind of debt cause them to put off major life decisions. An option after graduation would be an IBR plan. This is an Income-Based Repayment plan that caps your required monthly payment on the major types of federal student loans at an amount intended to be affordable based on income and family size. With an IBR, the payment plan is only ten percent of the student’s income (Protective.com). After twenty years you are eligible for the loan forgiveness program that comes with the IBR plan. But don’t get obsessed with the idea of having your debts forgiven because if you don’t qualify for the program than your loans will not be forgiven. In twenty year you have 240 payments if you even miss one of them or if you turn in your paperwork late then they will not even consider you application for the loan forgiveness program (the

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