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What is "tough" about stating some of her student loan debt may have been from her very expensive drug habit? Some of those pills she was taking are $60 each. It is hard to believe she needed 100k of private debt to pay for her education; it is easy to believe at least some of the debt was to cover other expenses.
It's impossible to say which dollars went towards what in any case. That's like saying my grocery money came from four paychecks ago when all the checks go to the same bank account.
No mandatory insurance. That's going to make it too expensive for some groups to get student loans.
However, it is prudent to do.
It's also prudent to not rack up 100k in private SL plus whatever she got in Fed that was forgiven in death. It's a RN not a freaking MD.
Life insurance isn't expensive for young people.
I'm 25 and carry $1 million. Costs me less than a video game a month.
Anything happens to me my debts get paid off and my parents get a boost to their retirement savings.
Quote:
Originally Posted by ocnjgirl
I'm not sure, but it doesn't sound from the first post that the woman even had life insurance. IMO it is extremely irresponsible for a parent of 3 not to have life insurance, especially when she is relatively young and it would be cheap. It sounds like his daughter just didn't plan well financially, and unfortunately dad is paying for it.
It's not just her. Few young people understand the importance of life insurance. We're "invincible" when we're young. It's also when life insurance can be bought for cheaper rates.
Life insurances biggest fault is that it's called life insurance.
I'm 25 and carry $1 million. Costs me less than a video game a month.
Anything happens to me my debts get paid off and my parents get a boost to their retirement savings.
It's not just her. Few young people understand the importance of life insurance. We're "invincible" when we're young. It's also when life insurance can be bought for cheaper rates.
Life insurances biggest fault is that it's called life insurance.
That's going to make it too expensive for some groups to get student loans. Some groups. Some. groups. As in most can get a $400k 20 year term policy for less than $27 a month, but not all. All sorts of people go to college, and some groups are high risk when it comes to life insurance underwriting. You go out and make life insurance mandatory for those that take out student loans and you are going to alienate people.
Not to mention religious objection to insurance.
Should it be recommended, yes. Should it be something that has to be opted out of if there is a cosigner, yes. But should it be mandatory, no.
Still the real issue is how this women maxed out her federal loans and racked up $100k in private loans for a nursing degree (TWO YEARS!, yes there are four year programs too, but in the sprit of sensationalist writing...).
I'm 25 and carry $1 million. Costs me less than a video game a month.
Anything happens to me my debts get paid off and my parents get a boost to their retirement savings.
It's not just her. Few young people understand the importance of life insurance. We're "invincible" when we're young. It's also when life insurance can be bought for cheaper rates.
Life insurances biggest fault is that it's called life insurance.
Are your parents counting on your support in their old age? You didn't mention a wife or kids, so your policy seems a bit large.
That's going to make it too expensive for some groups to get student loans. Some groups. Some. groups. As in most can get a $400k 20 year term policy for less than $27 a month, but not all. All sorts of people go to college, and some groups are high risk when it comes to life insurance underwriting. You go out and make life insurance mandatory for those that take out student loans and you are going to alienate people.
Not to mention religious objection to insurance.
Should it be recommended, yes. Should it be something that has to be opted out of if there is a cosigner, yes. But should it be mandatory, no.
Still the real issue is how this women maxed out her federal loans and racked up $100k in private loans for a nursing degree (TWO YEARS!, yes there are four year programs too, but in the sprit of sensationalist writing...).
Is there a religion based issue for insurance but not borrowing money?
If you can't afford to pay all of it yourself, don't co-sign a loan!
In this case, a cheap life insurance policy that would cover the loans, on their daughter would have prevented this. I feel bad for them. They didn't protect themselves.
That's going to make it too expensive for some groups to get student loans. Some groups. Some. groups. As in most can get a $400k 20 year term policy for less than $27 a month, but not all. All sorts of people go to college, and some groups are high risk when it comes to life insurance underwriting. You go out and make life insurance mandatory for those that take out student loans and you are going to alienate people.
Not to mention religious objection to insurance.
Should it be recommended, yes. Should it be something that has to be opted out of if there is a cosigner, yes. But should it be mandatory, no.
It isn't the students who need the life insurance, but the co-signers. If there is no co-signer, it's really not an issue.
If I am financially solvent enough that a private lender is willing to let me be on the hook for 100k of unsecured debt, then $100 annually for 100k of term life insurance is not going to an expense which breaks me.
Personally, I'm not a fan of mandatory. I do feel it is phenomenally poor planning to take on such a huge liability and never consider the consequences.
Quote:
Originally Posted by MDrenter223
Still the real issue is how this women maxed out her federal loans and racked up $100k in private loans for a nursing degree (TWO YEARS!, yes there are four year programs too, but in the sprit of sensationalist writing...).
We see a lot of students doing this nowadays. Their loans cover not just tuition and books but rent, cars, clothes, food. They exit college with huge loans which are a burden for decades to come. It's sad. I think we need better basic financial education in our K-12 schools.
Is there a religion based issue for insurance but not borrowing money?
Some religions consider it a form of gambling(you're basically placing a bet that pays out if you die). Personally I don't agree with it, but there are cases where it exists.
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