More college graduates are filing for bankruptcy.
CNN Money reports 20% more college graduates filed for bankruptcy. They site research from the Institute for Financial Literacy which conducted a four year study that tracked those who find themselves in massive debts. The research shows that as tuition increases, students are forced to take out massive loans.
NBC25 stopped by Saginaw Valley University to talk with them on how they advice students when they seek to take out loans. “When they meet with our financial aid staff, we council them to take as little debt as they can possible get by on,” J.J. Boehm stated. “We know that these are tough times for students and their families, but you really need to be careful about how much debt you take to finance your education because you have to pay all of that back.”
What are some suggestions you might have for college students to help them avoiding massive debts? Give us some ideas in the comment section below.
