Did you know that the student loan people garnish retirees’ Social Security checks? Money borrowed today for tuition, fees, books, and supplies can cost students up to 15 percent of income for tomorrow’s healthcare, medicine, home repairs, and bucket list vacations (Department of Education’s  Strengthening the Student Loan System to Better Protect All Borrowers).

Momma, Daddy, Mema, and Granddaddy face this reality, too. One of my relatives took out a student loan to buy a car when she was in college. Her father co-signed the loan. That car is long gone, but the debt remains. She defaulted on the loan. Every month, 15 percent of her 72-year-old dad’s Social Security check is siphoned from his household.

Before you borrow for your studies or co-sign for someone else’s education, learn about the realities of repayment with the  NY Times Student Loan Calculator.

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Article by Scholar Ready

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