Juggling Student Loan Debt and Raising a Family


SOLEDAD: MILLIONS OF RECENT COLLEGE GRADS JUST RECEIVED THEIR FIRST STUDENT LOAN BILL THEY JOIN TENS OF MILLIONS OF PEOPLE PAYING OFF THE COST OF HIGHER EDUCATION THE 2016 GRADS ARE EACH CARRYING ABOUT $37,000 IN DEBT, WHICH, FOR MANY, WILL MEAN A DELAY BUYING BIG TICKET ITEMS, LIKE HOMES AND CARS, AND MIGHT ME MOVING BACK IN WITH THE FOLKS

OVERALL, TOTAL STUDENT LOAN DEBT IN THIS COUNTRY GOES NORTH OF $12 TRILLION THAT'S TRILLION, WITH A "T PRESIDENT-ELECT TRUMP HAS PROPOSED A SHIFT IN THE STUDEN LOAN REPAYMENT PROGRAM, INCREASING PAYMENTS FROM 10% T 125% OF GRADUATES' INCOME IN EXCHANGE FOR FORGIVING LOANS AFTER 15 YEARS, INSTEAD OF THE CURRENT 20 CORRESPONDENT DIANE ROBERTS INTRODUCES US TO A FAMILY 12 YEARS INTO THE CURRENT PAYOFF PROCESS DIANE: BY THE TIME EIGHT-MONTH-OLD SHAI GOES TO COLLEGE, HER TUITI COULD BE ASTRONOMICAL AS HIGH AS , $44,000 PER YEAR

>> IT IS SCARY SOMETIMES T THINK ABOUT HOW MUCH IT MAY BE WHEN SHE GETS THAT AGE >> PLANNING FOR SHAI AND SEKHET'S EDUCTION NICOL AND SUNMER DAVIS ARE STILL WORRIED ABOUT THEIR OWN THEY KNOW THEY'RE FORTUNATE TO HAVE JOBS AND A HOME BUT STILL HAVE BILLS TO PAY, INCLUDING DRAINING STUDENT LOANS >> MY FIRST BILL WAS THE MAJORITY OF MY FIRST PAYCHEC SO I WAS SHOCKED AND TRYING TO FIGURE OUT HOW I WAS GOING TO PAY RENT, HOW I WAS GOING TO BUY FOOD

DIANE THE ST JOHN'S GRAD HAS : BEEN PAYING SEVERAL SCHOOL LOANS ON HER EDUCATION DEGREE FOR 12 YEARS >> SO $500 A MONTH GOING OUT T PAY MY LOANS, AND THAT'S EQUIVALENT TO THE CAR NOTE PLUS , INSURANCE DIANE HUSBAND SUNMER, WHO'S BEEN : PAYING $300 EACH MONTH, PAID OFF HIS LOAN IN OCTOBER WHEN YOU LOOK AT THIS AND SEE THESE WORDS, HOW DOES IT MAKE YOU FEEL? >> IT MAKES ME FEEL GREAT

DIANE SUNMER'S TOTAL PAYOUT FO : EIGHT YEARS OF SCHOOL WAS $22,000 HE MIGHT STILL BE PAYING, BUT HIS MOTHER SHARED SOME OF THE BURDEN BY TAKING OUT A $23,000 STUDENT LOAN FOR HIM UNDER THE CURRENT STUDENT LOAN REPAYMENT PLAN, FAMILIES, LIKE THE DAVIS', ARE REQUIRED TO PAY AT LEAST 10% OF THEIR DISPOSABLE INCOME AFTER 20 YEARS OF ON-TIME PAYMENTS, THE REMAINDER WOULD BE FORGIVEN YET, 66 MILLION AMERICANS ARE EITHER DELINQUENT OR IN DEFAULT ON OVER $200 BILLION IN STUDENT LOANS

UNDER PRESIDENT-ELECT TRUMP'S PLAN, THEY WOULD PAY AT LEAST 125% OF THEIR DISPOSABLE INCOME AND BE FORGIVEN AFTER 15 YEARS THAT WOULD HAVE INCREASED THEIR MONTHLY PAYMENT FROM $800 $1,000 EACH MONTH STILL, THEY KNOW THEY'RE LUCKY THEY COULD AFFORD COLLEGE BUT THEIR SITUATION IMPACTS MORE THAN JUST THEIR FAMILY >> I WOULD SAY THAT IT AFFEC ALL OF US BECAUSE EVERYTHING WE , DO DRIVES OUR ECONOMY, AND W ARE GIVING — THE MORE WE SPEN THE MORE OUR ECONOMY GROWS SO WE DO AFFECT EACH OTHER IN THAT WAY

DIANE BOTH PARENTS A : ELEMENTARY TEACHERS THEY MIGHT WANT TO CONSIDER TELLING THEIR STUDENTS ABOUT THE PITFALLS OF BORROWING MONEY FOR COLLEGE AND PAYING IT BACK DID YOU THINK ABOUT HOW MUCH IT WOULD COST YOU? DID YOU THINK ABOUT THAT? >> NO, I DIDN'T SEE THE BIG PICTURE I DIDN'T LOOK AT THE NUMBERS DIANE MAYBE HE AND NICOLE WILL : HAVE BETTER LUCK WITH THEIR OWN DAUGHTERS, WHICH MIGHT PREVENT

Source: Youtube


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