- Posted April 28, 2012 by
This iReport is part of an assignment:
- My Ten Sense: What to do when your money is low
- My Ten Sense: Making more money isn’t the answer
- My Ten Sense: 6 keys to couples happily managing their money
- My Ten Sense: Prepare your children so they don’t ask for handouts
- My Ten Sense: 10 things college students should know from student loans to landing their dream job
My Ten Sense: Student loans, avoid them at all costs
If you’ve been reading my blog lately, you know that I despise student loans because it’s the only debt that cannot be dumped in bankruptcy, and many people who have student loans aren’t even working in the profession to justify borrowing money for college.
Americans owe more in student loans than they do in credit cards and auto loans. Earlier this month, the president of a national consumer bankruptcy group was quoted in the Washington Post comparing student loans to a ball and chain that you drag through your life and can finally unhook when you get into a coffin.
Student loan debt is expected to hit the $1 trillion mark in May because government-based grants aren’t keeping up with the rising cost of college.
To make matters worse, interest rates on Stafford loans are expected to double from 3.4 percent to 6.8 percent on July 1, unless members of the U.S. Senate side with President Obama to stop the increase that affects 7.4 million low- and middle-income students and their parents.
Watch Obama rap about student loans and find out what he is doing to ease the burden, read about two people who have more than $50,000 each in student loans and learn how to go to college for free like I did in my blog, www.mytensense.com.