It’s also a time when many families get caught up in the excitement of it all and make choices that can seriously undermine their financial security and well-being for years to come. By that, of course, I mean taking on large amounts of debt to fund an undergraduate degree.
I’m not exaggerating when I say that student debt is a terrible burden for many families, one that jeopardizes the future of many a college student and the retirement hopes of way too many parents. Here’s a recent PBS news report on the issue and people who find themselves unable to retire due to their own or their children’s college debt.
Obviously, this is something families should try to avoid as much as possible, but sometimes parents and students arrive at the college stage of their lives without the necessary knowledge or tools they need to make informed decisions.
And occasionally, they’re even given wrong or ill-considered advice.