Student Loan Series #3: Why Parents Shouldn't Co-Sign on Student Loans

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In this third episode of our student loan series, we discuss the importance of being honest about family finances with your child, the implications of student loan debt throughout one's life, and the value of responsibility for young adults.

In this third episode of our student loan series, we discuss the importance of being honest about family finances with your child, the implications of student loan debt throughout one's life, and the value of responsibility for young adults.

In this episode:

  • There is no perfect university or degree [1:00]

  • The real cost of living on campus versus at home [11:30]

  • Parents need to learn to just say no [15:30]

  • The importance of learning the soft skills of being an adult are better learned at home [17:00]

  • Why being honest about finances with your child is important [19:00]

  • The burden of debt means quality of life suffers [21:30]

  • How snowplow parents are doing their children a disservice [25:00]

  • This financial aid system is set up so banks make money on you [32:00]

  • Would you do it differently if you could go back? [36:00]

  • There is value in struggle [39:00]

  • Only 27% of people have jobs related to their major [43:00]

  • How dorm life is a detriment to actually becoming an adult [46:00]

  • Parents would not let their children burden themselves in this way in any other context [51:00]

resources:

Brad Plumer, Washington Post. “Only 27% of college grads have a job related to their major”

Julie Ray and Stephanie Marken, Gallup. “Life in College Matters for Life After College”