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Southeast Colorado | When our 2 kids went to college a decade ago.........the college loan deal seemed basically a sham. We went with them to the financial planner meetings and I was kind of disgusted. They were very adamant that parents couldn't be included in the details. They said it was time for the kids to grow up. Luckily mine still looked towards us for guidance.
In my daughter's case, she needed the help financially for tuition, but not for cost of living/etc. They forced her to take it. She put it in the bank and didn't spend it. After her 3 1/2 years of receiving it and began to pay her loan back, she emptied that account out and paid it back to them. She was able to pay her entire loan off in less than a year. All of her friends and room mates were in debt up to their eyeballs. Some had bought cars and gone to concerts and on vacations/you name it, with being exposed to all of that cash. It would show up in her bank account in one chunk, like $5k at a time. They were supposed to be using it for food and rent for the entire semester.............most kids didn't have the discipline to use it that way.
I'm still convinced that those financial planners either were getting a cut of the money loaned out...........or that the office had quotas they had to meet or something similar. That's the only explanation I can come up with. Beware of those folks if you've got kids about to enter college! | |
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Student debt solution.
