Taking out a student loan for your child can hurt your own financial well-being

Jan. 5, 2022
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Dr. Thomas Korankye, Assistant Professor, Personal and Family Financial Planning

Dr. Thomas Korankye, Assistant Professor, Personal and Family Financial Planning

"When people take out student loans for themselves, certain risks are involved. The debt can negatively affect a person’s mental, emotional and even physical well-being. It can also harm a person’s financial well-being. But when taking out a student loan for one’s child, the risk is even higher that the loan could be associated with lower financial well-being," says Norton School Associate Professor in Personal and Family Financial Planning Dr. Thomas Koryanke.

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