Now is the time the high schoolers are graduating, and many are preparing for college. Part of the preparation is figuring out the finances – which includes student loans for many. Beware of the consequences…
A GENERATION BURIED IN STUDENT DEBT – Chicago Sun Times, 2018/06/02
The weight of the roughly $80,000 in debt that Judith Ruiz would leave school with didn’t hit her when she was applying for the student loans that would finance her education at Columbia College Chicago.
Or while she was sitting in lecture halls. Or even as she walked across the stage at graduation.
But six months later, still without a job, with lenders hounding her to pay, her student loans caught up to her, and Ruiz defaulted — for the first time.
Ruiz, now 30 and living with her mother in Oak Park, is working. But she remains in default on her student loans. And that’s eating away at her.
“You think, ‘Oh, hey, I’m just going to take out a loan, and it’ll cover everything, and I’ll just worry about it later,’ like a credit card. But this is so much bigger than that. That may work for a few thousand dollars, but it’s not going to work for $80,000.”
All of this debt delays what in the past was to be expected – you graduate, get a job to support yourself, move out on your own, maybe even get married and start a family.
But with the huge load of debt, it’s too much too overcome and graduates end up back home.
The article details several different accounts of hardship resulting from the load of student debt.