If your child is heading off to college soon, here's how you can help to support their journey without falling into this debt trap.
Malik Lee, a Georgia-based certified financial planner and managing principal of Felton & Peel Wealth Management, thinks back to being accepted to Morehouse College in 1999 and facing around $20,000 per year in college costs.
While his friends’ parents took out loans to cover education costs, Lee’s grandmother — his legal guardian — declined. Lee imagines his grandmother, now 90 years old, still paying on a loan for his education when retirement should be her priority. Her saying “no” was an amazing decision, he says. When you couple the tougher loan terms — compared with federal student loans — with the racial wage and wealth disparity that impacts Black families, you get a double-edged sword that limits the economic growth of some of the most vulnerable borrowers, according to a recent brief by the Education Trust, a higher education research and advocacy group based in Washington, D.C.
Black borrowers are dipping into their retirement plans to repay parent PLUS loans, says Brittani Williams, senior policy analyst in higher education for the Education Trust. And that’s undercutting their ability to save for their own futures. “Immerse yourself in the financial aid process as much as you’re immersing yourself in the college choice,” says Jackie Cummings Koski, an Ohio-based certified financial planner and financial educator. Koski says financial aid offices can often show you program-specific funding or other need-based dollars available to those who ask.
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