This video interview posted by the Wall Street Journal talks about parents’ debt. We know about what students are personally taking on. The average debt is $40,000 at age 23, with no bankruptcy protection. But their parents are matching them.
None of this is necessary. College need not cost over $15,000, total. But parents are badgered by their kids to send them off to college. The parents’ peers are all dumber than dirt about alternatives. They are all buying prestige. “Jenny Sue got into a really good private school.” At $50,000 a year, it must be good, right?
Here is what these parents are doing to their retirement portfolios.