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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Paying for college can leave parents in need of debt relief

With springtime comes the rush of college campus visits for prospective students and their parents. This is a time of great excitement, as kids prepare to select there they will go to school as they transition from adolescence to adulthood. It can be a stressful time for parents, however, and not only due to the knowledge that their children are about to leave the nest. The manner in which a college education is financed can have serious ramifications on the future financial security of both parents and children in South Carolina, and can leave some in desperate need of debt relief in the years to come.

When choosing a school, it is essential that the decision is made based on a comprehensive assessment of value. In many cases, the same level of instruction is available at a state school than is offered at a private university, and for a fraction of the expense. For parents who will need to borrow to pay for their child's education, overextending themselves now can have serious repercussions in the future.

If parents take on high levels of educational debt, then face a job loss or unexpected illness or injury, their financial scenario can quickly deteriorate. In the worst cases, the end result is personal bankruptcy. Even in cases where bankruptcy is the best solution and a large volume of unsecured debt is discharged, student loan obligations will remain.

While it is easy to get caught up in the excitement of sending a child off to college, the decisions surrounding how to fund a college education are important. By making the decision to select an affordable school and carefully balancing loan obligations, parents and students in South Carolina can enjoy this important milestone. Failing to take the appropriate precautions can lead to the need for serious debt relief down the line.

Source: National Public Radio, "Debt And The Modern Parent Of College Kids," April 10, 2013

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Reed Law Firm, P.A.
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Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Florence, SC 29501

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