$200,000 in Student Debt. Who Will Marry This Debt?
Written by Gary North on August 27, 2012
Would you recommend that your son
marry a woman with $200,000 in student debt? I hope not. Would you describe
what it means to be @00,000 in debt at age 23? Would you sit down and go
through what it means for his credit score? How no lending agency will loan him
enough to buy a home. How every child will add to this burden.
How he will never pay it off.
This young woman ran up a $200,000
debt to attend a university you have probably never heard of. Why? Because no
one in her family ever sat down with her and warned her.
She could have earned a N.A. degree
for $15,000. She could have worked part-time at McDonald’s and have paid for
everything. But her family did not know that any student can do this. She was
the first person in her family to attend college. Her parents knew nothing
about what she was getting herself into.
These kids are sheep led to the
slaughter. Their parents are so proud that they got into an obscure school.
They think it is the way into the middle class. In fact, it is the way into
lifetime servitude and single living.
If your child plans to marry a
college graduate, you had better run a credit check on the the
person who is about to become a lifetime partner. You had better have your lawyer
draw up a pre-nuptualagreement in which your child
does not become responsible for the marriage partner’s existing debt.