Study Up on College Loans Before Learning About Debt the Hard Way

To find a list of loan forgiveness programs, check out FinAid's Web site at http://www.finaid.org/loans/forgiveness.phtml.

One Florida mother wanted to know how to help her 21-year-old son who has $45,000 in private and federally backed student loan debt. The payments on the loans total about $400 a month. And he's still attending school although he's not taking on additional debt.

"Can he consolidate his loans and make the payments much lower so he can get his own place?" the mom asked. "He is willing to pay back the loan but cannot afford $400 and an apartment."

For all you parents poised to tell your child to go to whichever college he or she wants regardless of ability to pay without large loans, consider the consequences of that choice.

A Falls Church man who participated in a recent online chat is trying to get his daughter to be reasonable. He wrote: "Help! I'm a divorced father. My daughter could go to college for free the next four years in Virginia. She wants to attend school in New York where she will have huge debt upon graduation. She is a smart kid but doesn't understand debt."

Dad, do what my grandmother did when I won a four-year scholarship to the University of Maryland. I too desperately wanted to attend school out of state. To which my grandmother said: "No, ma'am. You're going where you won't end up in debt."

I went to Maryland. To this day I'm grateful for my grandmother's tough stance. Not having student loan debt helped put me in the financial position to buy my first home about two years after graduating.

In the case of the Florida mother, her son could stretch his loans out to get an even lower monthly payment, but that means more interest charges. He shouldn't do it. Instead, I would suggest he keep living with his mama and pay off that $45,000 before moving out.

"Getting a college degree was always my dream, but if I had to do it over again, I would have probably forgone graduate school," Nixon said. "I'm not sure it was really worth it considering the cost."

Before you sign for those student loans, think about Nixon's regret as she reflected on her heavy borrowing for both of her degrees.

"Going into a lot of debt for my education seems crazy to me now," she said. "Even though some financial counselors say education debt is good debt, it's not good to me."

· On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and online athttp://www.npr.org.

· By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

· By e-mail:singletarym@washpost.com.

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