Contact Us
Make My Homepage

Debt and No Degree: A New Trend? [AUDIO]

An increasing number of Americans are facing a mountain of college loan debt with no diploma to show for it.

College Students
Flickr User COD Newsroom

Studies have shown reliance on college loans is growing, but students may not realize they’re on the hook for what they borrowed whether they reach the finish line or not.

Leslie Beck of Compass Wealth Management in Maplewood said parents can help stem the problem by getting their children significantly involved in the college decision-making process.

“You need to start having these conversations with your children certainly beginning in their freshman year of high school,” Beck said. “Let them know that this is a serious decision that’s going to be coming up.”

Would-be college students may not want to base their choice on which campus looks nicer, but which institution makes the most financial sense and offers the best shot at a career.

“You have to look at the best-case scenario – that you’re graduating with a degree on time and getting your dream job – and the worst-case scenario,” Beck added.

Unfortunately, Beck noted, college students may not get the best advice from counselors, as schools are in the business of making money.

For folks already fearing they can’t keep up with loan repayments, Beck advises they research all the different payment options available before it’s too late.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.