Chip Chick
This 23-year-old girl began college at the age of 18. Back then, her mom and dad helped her apply for student loans in order to pay for her to go to college.
She says that she knew nothing about student loans, and so she relied on her dad to be the one to set it all up.
She also had applied to several different scholarships, but since her mom and dad made “just enough money on paper,” she ended up not qualifying for the majority of the scholarships.
“When it came to signing me up, my parents told me they wanted me to focus on my schoolwork, and they’d take care of my finances,” she explained.
“Little did I know, to do that, they were taking an extra $5,000-$8,000 out in student loans to support me throughout the year.”
“I had to reapply for student loans every year, so this accumulated an extra $20,000-$32,000 throughout my time at university. A lot of times, too, my parents would borrow money for my sisters/themselves and not pay me back.”
This means that right now, she’s $80,000 in debt just for her student loans. Additionally, all of her loans are private, so barring filing for bankruptcy, she’s stuck with them for the rest of her life.
Every month, the minimum payment she needs to make is $800, and she really is having a tough time affording this.
She decided to beg her mom and dad to help her in some way, but they turned her down. Yet, they’re complaining about her mom’s credit score going down as her mom cosigned her student loans.
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