College is more expensive than ever. Undergraduate tuition has risen to seemingly astronomical amounts in the past couple of decades to where most students will have no choice but to borrow huge amounts of money to attend college. Just to get an idea of the numbers, tuition at Boston College for undergrad is just under $50,000 a year, with the cost of total attendance estimated to be more than $65,000. People who also go graduate school are incurring around half a million dollars in debt on average, and that trend does not seem to be slowing anytime soon.
This seems okay at the time, because the plan is to go to school and then get a job that allows the borrower to pay back the loan one month at a time for the next thirty years. However, things don’t always go as planned. What happens to a person who takes out $250,000 in loans and then becomes disabled? There is no way a person can live on Social Security Disability Income of around $1,200 a month and still make loan payments. One might think that this would mean you default on your student loans and don’t have to pay until you can, but that is not how it works in many cases. Continue reading →