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Budgets College General Saving

Saying “No” to Student Loans – A True Story

June 25, 2010by Susan BeachamNo Comments

A single mom sent a note in response to my recent blog “How to say no to student loans but yes to college” and how she helped her child say “no” to student loans. It’s truly an amazing story with great tips for all of us.  Here is the approach she took:

“Hooray for your common sense approach to funding college.

When my daughter was a freshman in high school, I sat her down and told her that as a single mom who worked as a baker, I simply couldn’t afford to pay for college.  So, we worked out a plan.

Continue reading

Budgets College Financial Planning General

Say “No” to Student Loans, “Yes” to College & Saving Money

by Susan BeachamNo Comments

Is it impossible for a child to graduate from college free and clear of debt? Nobody even talks about a “debt-free” matriculation. Most of us just assume that graduation and debt go hand-in-hand.

According to the Project on Student Debt, the average debt level for graduating seniors with student loans rose to $23,200 in 2008 – a 24% increase from $18,650 in 2004. What’s more, 67% of students graduating from four-year colleges and universities have student debt. Add to this debt load the inevitable credit card debt kids accumulate and well, it’s getting harder to defend the decision to get a college education if the price is really that high – especially in light of the grim prospects of getting a decent job once you graduate.

Many college students today who take on student debt see no way around this mess. Citing “no parental support” nor access to funding from the university they have chosen, they face only one other option – loans from Sallie Mae.  “A couple of months before I moved East, I examined my finances,” writes Emily Schmitt in her story “Student Loans: A Bitter Financial Lesson.” “I had two options: first, not to go to grad school; and second, to fund most of my education with student loans. NYU ain’t cheap. My tuition runs upwards of $15,000 per semester,” she explained.

Emily took out the loans. Emily felt she “had no alternatives.” Really Emily? Continue reading

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About Susan

A sought-after speaker for financial institutions, state regulatory agencies, trade associations, leadership conferences and schools, she is the creator of the Money Savvy Pig piggy bank-- the centerpiece of the Money Savvy Kids Basic Personal Finance Curriculum.

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