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The current situation is a mess, and I don't really know what to say about how to handle it. Maybe the government forgiving it is a good idea. But, moving forwa

The current situation is a mess, and I don't really know what to say about how to handle it. Maybe the government forgiving it is a good idea. But, moving forward... Kids: please don't go into debt for education! Go to a community college or a state school. Go part time. Go to a trade school. Start a business (no degree required!) But just try to avoid debt. It's hard to describe exactly how suffocating debt can feel. All those things you want to do when you grow up - debt is going to make most of them harder of impossible. Parents: if you want to save up and pay for your kids education, I guess that's fine. But if you can't/won't, then it's your responsibility to inform you children about debt.

jetti 10y ago
>debt is going to make most of them harder of impossible. I experienced this when buying my first house. My wife and I were unable to get a conventional loan because our debt to income ratio was too high. I had $90k in student loans from grad school which prevented us from getting a conventional loan. We were able to get an FHA loan and can re-finance once we get to 20% equity but it is frustrating to have to put up with FHA regulations before buying the house.
xname2 10y ago
Why would anybody take your advice when they know it is very likely the government will forgive student debt again in the future? People do not take advice on face value, incentive matters!