Balancing Student Loans With Saving for Retirement

A 52-year-old single mom needs to save for retirement, but her cash flow is strangled by rising student loan payments for herself and her sons. How can she minimize her loan payments and free up cash for retirement savings? DailyFinance's Laura Rowley offers some tips.


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rc182pilot

How is it that, at forty years old and after raising two sons to adulthood, this woman wasn't smart enough to know that she shouldn't spend money she doesn't have? And why can't her two sons repay their own student loans?
Nope, no simpathy here.

October 11 2011 at 7:42 PM Report abuse rate up rate down Reply
haddowchic

Ppsshaw...she has to pay $1,000 a month? My son's debt is $2500 per month. He's working part time at a big box store. So much of it is interest, it's become ridiculous. He has a life of misery ahead of him. Sallie Mae will hound him til the day he dies. Wish I could pay it, but who can afford that?

October 11 2011 at 7:28 PM Report abuse rate up rate down Reply
1 reply to haddowchic's comment
mine

The government has a very good program for helping pay for college expenses. It is called the GI bill of rights and is earned. Not only is it earned but the future students also get a big dose of real life before they head off to college and waste a couple years trying to figure out what they want to do at school.

October 11 2011 at 8:02 PM Report abuse rate up rate down Reply
christi

I was a single mom with 2 children, worked 2 part time jobs and repayed every penny of my student loans. It wasn't easy but I did it...it's all about priorities and choices. If this woman took out student loans then she needs to figure out how to repay them so they are available for others who need them. BTW both of my children are college graduates, make monthly student loan payments, and as a family we started pre-paid college funds for my grandchildren because we wanted to get a head start on their education costs. Again it's about priorities and choices, because a lot of families are not in the financial position to out right pay for college educations. Did anyone ever teach her to think before she acts???

October 11 2011 at 7:12 PM Report abuse rate up rate down Reply
morrism462

Have sons pay thier own bills?

October 11 2011 at 7:05 PM Report abuse +1 rate up rate down Reply
maa2626

she raised boys, not men. very sad.

October 11 2011 at 7:02 PM Report abuse +2 rate up rate down Reply
smrsad

I would force into homelessness so I can get my money I lent her on some dream she has!

October 11 2011 at 7:00 PM Report abuse rate up rate down Reply
smrsad

forgive what??????? No Way! she ran up the up the bill and now she wants forgiveness? No way-Pay up every last cent! I am tired of paying for your bad choices.

October 11 2011 at 6:58 PM Report abuse +2 rate up rate down Reply
adika3z

how about 2 boys daddy can help his 2 sons,,,
father and mother should be help share with 2 boys

October 11 2011 at 6:21 PM Report abuse rate up rate down Reply
msm0207

Bad choices all the way around. If she believes her sons are going to pay off their debt, she is living in a dream world. They will (if they get a job) get on with their lives. Seen it many times before. So many people go into this figuring that when the time comes to pay, they'll get out of it somehow. I do not agree with the escalating charges, however. Something needs to be done about that. There used to be a system where the interest was set and the payments started out small and increased as supposedly your income did. Look at how many government workers and well to do professionals were found out to NOT having paid their student loans. Published names and they finally started paying. It is ridiculous.

October 11 2011 at 6:20 PM Report abuse +1 rate up rate down Reply
celebrityl

Guaranteed this is a fabricated story designed to gain attention. DailyFinance is fishing for support,nothing else.....

October 11 2011 at 6:19 PM Report abuse rate up rate down Reply