Finances are a forbidden subject inside most families. Financial discussions can easily seem like bragging or begging for help. Personal finance is a very personal topic, and there is always the danger of feelings getting hurt.
Student Loans Need to Be the Exception
The Difficulty With Student Debt
Not all student loans are created equal. Government loans are usually the best. Some private loans have decent interest rates while others are awful. For people new to college, funding an education is full of questions.
Finishing school doesn’t end the confusion. Figuring out repayment plans and repayment strategy can be a daunting task.
By the time someone has a solid understanding of student debt and college funding, they are often past the point of avoiding many common mistakes.
The Time for Discussions
Many families, especially extended families, have a wide range of ages and experience. This is the ideal situation for current and future students as well as recent graduates. They can lean on the previous hard lessons of those within the family.
It might be tempting to suggest that all the necessary information can be learned through extensive personal research, but first hand experience is hard to beat. For an individual who doesn’t even know the questions they should be asking, being able to pick the brain of a trusted confidant can be very valuable.
This holiday season, don’t be afraid to discuss student loans with your family. It may not be the most pleasant subject of discussion, but passing forward some critical information can make a huge difference.