Let me say up front that I am blessed. I have eight years of higher education without a single loan. I was blessed with scholarships and worked my way through law school.
Unfortunately, not many in my generation and Generation Y are so blessed. Today USA Today has an article dealing with the growing crisis in the student loan arena. Fortune also has a fascinating cover article on Generation Y in the workforce. Although I found many things in the article right on (though it includes years 1977-1995 as Generation Y), one of the big concerns for that generation coming out of college is the high cost of student loans.
A generation that is saddled with an average student loan debt for graduating seniors of almost $20,000 (according to www.finaid.com) will be saddled with a heavy burden.
As a parent, I’m more than a bit concerned about how to prevent a heavy loan burden from falling on our kids. We’re only ten years away from college, and my husband and I routinely debate whether we are better off saving for college or retirement. So we do both, just not at the ratios either of us wants.
We’ve also had many conversations with friends about what the right balance is. How much should parents pay? How much should the kids pay? My parents split costs for undergrad with me…fortunately for all of us, I had full scholarships by my junior year. And I knew from the beginning any grad school was on me.
So what do you think? Ready or not, if you have kids, college debt is coming.