Student debt isn’t just a student problem. Across the U.S., many parents also struggle with the burden of student loans.
Yahoo Finance spoke with one parent in a particularly difficult student loan situation: a 60-year-old factory worker from Scranton, Pa., who had cosigned a loan for his son. The expenses began mounting: The family had a refinanced mortgage and credit card debt, as well as home and car insurance to pay. On top of that, they had recurring medical bills. And there was the possibility of more kids going to college.Eventually, the son dropped out of the second school due to a combination of illness and circumstance. But the lenders were at the door: Frank’s son owed over $100,000 in federal and private student loans.
Story continuesHe described the burden as both financial and emotional. The son is “so depressed and [we] are heartbroken for him,” he said. But “I figure now I'm working until I'm 75. ... It's not nice for a hard-working middle class family.”
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