Many over 50 are still saddled with student loans

[CoffeeCat]

16. We have family friends and their combined income is close to $180,000…

…and they are taking out student loans for their son who will enter college this Fall.

He is attending a state University about two hours from their home. It's not like he's going to an expensive Ivy League College or University.

I walked through the numbers with my friend--because I stressed to her how important it is to avoid student loans, if they can.

Tuition is $10k a year. Plus dorm, board plan, living expenses, books, etc. They estimated that each year would cost 18,000.

So, it now costs a family $72,000 to send a child to college for four years.

That is so outrageous. This is why most get student loans.

Our friends, who make $180k, don't have the $72,000 to pay for all of their kids' college education. They've got three kids who will all be in college at the same time. They will be paying for a good chunk of their college, but they can't pay for all of it, so these kids will have some student loans.

It's quite the dilemma for middle and upper-middle class families.