Ash ExantusChief Financial Educator, Ash Cash Enterprises · Financial Empowerment Leader | Public Affairs Strategist | Media Executive | Advocate for Economic Equity & Financial Literacy | Champion for Formerly Incarcerated Communities

Why Your Parents' College Debt Is YOUR Problem

12 Aug 2024 · 1 min

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1:01

In this brief informational monologue, the speaker highlights a recent Sallie Mae report indicating that parental borrowing for college has risen to 11% of total college costs, up from 8% in prior years, driven by inflation and limited out‑of‑pocket resources. The speaker urges students and parents to begin college financial planning early, exhaust all aid options such as scholarships, grants, and work‑study, and, if borrowing becomes necessary, to do so responsibly. The core message is that rising parental debt directly impacts students, so proactive and informed financial decisions are essential.

Chapters

Now for all of you college students or parents out there, you know, you gotta listen up to this. Sallie Mae's latest report shows that parents are borrowing more than ever to pay for college. And so with inflation biting, many families are hitting the limit of what they can put out out of pocket. And so parents borrowing A jump to 11% of college, of total college costs, up from 8% in the previous years. And so what's the takeaway? Like, what can we learn from this? If you're planning for college, start early and look for all available options. And that means scholarships, that means grants, work-study. Leave no stone unturned. And if you do need to borrow, make sure you are doing it responsibly. So remember, you can't borrow