“Your kids can borrow to go to school – but you can’t borrow to retire!”
Students are not taking out as many federal student loans as before.But their parents are taking out more. Bankrate.com's Chief Financial Analyst Greg McBride says this is wrong on so many different levels!
“Those graduates have a lifetime to pay back that loan --- but their parents don’t have as many years to play catch up.” And what about their parents’ needs?“With so many Americans under-saving for retirement – not to mention emergencies – parents have some serious other priorities.”
McBride advises families to start digging for college gold.He says “ Be on the lookout for opportunities for scholarships, grants, work study programs. There are even scholarships that go un-applied for because people don’t know about it.”
Every dollar you get is one you don't have to repay with interest.Start with your guidance counselor and the internet.