Students Don't Want Parents Taking Out Loans on Their Behalf
These days, many people find it impossible to cover the cost of a college degree without taking out student loans. But it's not just those who are actually pursuing degrees who wind up in debt; often, it's their parents as well.
A large number of parents want to shield their children from the burden of student loans, and so they take out loans in their own name rather than allowing their kids to rack up mountains of debt. As such, baby boomers aged 56 and over have become the fastest-growing group of student debt borrowers.
But recent data from online lender Laurel Road reveals that students don't necessarily want their parents stepping in, bailing them out, and putting their own retirement at risk. In fact, 71% say they'd rather take out student loans themselves than see their parents do so on their behalf.
Source Fool.com
