Excessive College Financial Aid Debt –Part 1

As Christian parents, we are very protective of our kids. Our kids might even say over-protective. (At least mine do.) However, there’s one area where we may be not protective enough – their college loan debt.

I recently read an article in The Houston Chronicle, entitled School Loans Could Spell Trouble, that really upset me. The article, by Marcy Gordon of the Associated Press, begins “The near doubling in the cost of a college degree the past decade has produced an explosion in high-priced student loans that could haunt the U.S. economy for years.” (Italics mine.)

From my standpoint of a mother, that's not the worse news. It goes on to say that college loan debt could haunt our children for years too.

The article cites Kristin Cole, a 30-year-old graduate from Michigan State University’s law school, who owes “$150,000 in private and government-backed student loans.” Kristin is quoted saying “I could never buy a house. I can’t travel; I can’t do anything. I feel like a prisoner.”

She now works as a legal aid worker, but says that she may need to go to work for a law firm, which is “something I’m not real dedicated to, just for the sake of being able to live.” Her payments, currently $660/month are scheduled to increase to $800/month in a year or so!

How can our Christian graduates accept calls to be new pastors or missionaries if they have huge college loan debts? I don't think they can, and that's a situation that's bad news for Christian students and for our community of faith.

The good news is that there are solutions to this problem. There are ways you can maximize scholarships and grants while you minimize loans. Through extensive research and personal experience, I've discovered the secrets about financial aid. I will share financial aid tips in the next and future blogs.

As we advise our children on financial aid, I believe it is our duty to protect them from excessive debt. If we don't, we will have to watch them struggle for many years under the burden.

What do you think? Are you facing this situation? Or do you know someone who is? Share your story with us.