My daughter is very talented and received scholarships for her artistic talents which only covered a small portion of the costs she experienced at School of the Art Institute of Chicago and Parson's School of Design. Her parents earned too much money for her to qualify for most other scholarships and too little to be able to afford to pay her college expenses. Besides receiving Federal Student Loans, she applied for private student loans. She has a good job after graduation, but she has student loans exceeding $150,000. She is barely making ends meet after paying "interest only" student loan payments with her beginning salary as a textile designer at Nordstrom's Corporate office in Seattle.
Something has to be done. Our country is discouraging our youth to "reach for the stars" with their career goals by not giving our students special considerations with student loans. I co-signed for my daughter's loans and both she and I are damaging our credit, because of the huge account balances. I'm approaching retirement and don't need this financial burden. My daughter can't even apply to buy her first home or condo with this financial burden.
Please create laws, which encourage students to continue with their education, but also to minimize the financial burden of debt after graduation (lower interest loans, government subsidies toward education of student choice, laws to help students using private student loans, laws that help students and parents with their credit in regard to student loans [federal & private] ...etc.)
--Janis Knapp
Parent
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