Try this one on for size, $550,000 in student loan debt

March 5, 2010

Try this one on for size, two college graduates racking up a mind numbing $990,000 in student loan debt. That a small breeze away from ONE MILLION DOLLARS! (I can hear Dr. Evil cackling

I had report about 8 or 9 months ago that a law graduate racked up $270,000 in student loan debt and with penalties it jumped to $435,000. The article was published in the New York Times.

Now there is a second one that popped up on the scene. A medical doctor graduated with $250,000 in student loan debt and with penalties this one jump (no not jumped, rocketed) rocketed to $555,000 in student loan debt. This article was published in the Wall Street Journal.

You think this is just two isolated cases? Here is another one totaling $180,000. Huffington Post

This is truly unbelievable. I mean I don’t want to believe that something like this can happen. Take this warning. This is soon going to be the norm as students are instructed to take out loans to cover colleges that are way above their budgets. (You think the Obama administration is going to wipe out student loan debt? Think again. Private student loans will not fall under this jurisdiction.)

It will soon be the norm that kids are racking up $100,000 plus in student loans.

It is imperative and of the utmost nature that each and every high school student is critically aware that this can happen. This tsunami of student loan debt can be avoided by doing a few things.

• First, know what your EFC (expected family contribution) number is. This is akin to a deductable. This amount is what parents are required to pay before getting any aid.

• Second, know the HGP (historical giving pattern) of the college, are they typically generous or not.

• Third, with the EFC and the HGP we can determine with a fair amount of accuracy how much student loan debt your child will graduate with. Is it too much?

• Fourth, research the career your child is interested in and ask will the starting salary for this career be able to give me the lifestyle I want AND be able to pay off the student loan debt. If the answer is no, rethink the college or the career field.

How much debt do you want your child to graduate with, seriously? If you think you can just wing it without doing research, good luck. I can still hear Dr. Evil cackling as the fat cats rub their greedy stained hands together.

Don’t believe me yet? The Star Tribune reports another student racking up $350,000.

Do something now.

We help make college affordable! Please I implore you to tell 11 friends about this article and website and tell them there is hope. Your and their child does not have to graduate college with excessive debt and be a slave to the monthly payments. Do something now.

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