The Catch 22 of College Lending

We all realize that college is expensive and most of us have to borrow money in order to go to college.  What many of us don’t realize is that many young adults preparing to go to college are unable to borrow enough money to go to college. 

There are many young adults in this country who have parents who make good incomes but are financial disasters.  The parents have bad credit and cannot cosign on a loan.  For the children of these individuals, college becomes almost impossible.  Because their parents make decent wages, the children do not qualify for Perkins Loans, Pell Grants, or even subsidized Stafford Loans.  The student basically is left with $2,265 in available loans for their freshman year.  Try to go to any college full time on that amount of money.  Even community college is nearly impossible.

Unless the young adult is able to find a cosigner for their loans, they are unable to fund their education.  This is a reality that many college bound seniors are facing.  What the answer is, I don’t know… 

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