That's the word from Kevin Maher with locally run DebtHelperdot come
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If you have college-agedkids, a debt-avoidance expert tells us you should consider limiting how much student loan assistance he or she gets. Kevin Maher with West Palm Beach-based credit counseling service DebtHelper.com says "What we end up doing sometimes is taking student loans out at a degree to where you owe twice as much as what you're going to make in a year and that kind of debt is just paralyzing for your income."
He illustrates how paying off hefty student loans can cause someone to be broke, even as they're working in their new profession.
"$40,000 in debt over 20 years is going to take you about $300 a month to pay off, ballpark, and that's a big chunk. If you come out (of college) and you're making $30,000 to $40,000 a year, you're starting in a hole and it's going to take you a long time to you a long time to dig out of that hole."
For more information on DebtHelper.com, call 800-920-2262.
