Steven Sirot and David Slater, Co-Founders, College Benefits Research Group were interviewed by NJ.com in an article discussing how to avoid college debt. In the article they break down their strategy on how to avoid college debt into 5 key components that parents of college students and college students should take into account when determining how much college will cost and how to pay for college. Here’s some of what the article had to say:
Look at your savings, and assume the rest will have to be loans. Start with an estimated monthly budget for both the parents and the student. “When they see that a $100,000 student loan translates to about $1,500 every month for 10 years, the impact starts to become clearer,” says Steven Sirot, co-founder of College Benefits Research Group in Roseland. Next, envision your other kids on this path. Sirot says too many parents “wing it” for their oldest child, only to find they cannot offer the same options to younger siblings.
