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

"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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