Most Americans have at least some form of debt, whether it is a home mortgage, an auto loan, student loans or some other kind of credit. In fact, many of us will carry various forms of debt for our entire lives.
We all want the young people we love to have the best opportunities in life, which is why many parents and grandparents agree to co-sign for private student loans and federal PLUS loans. However, things don't always go as planned, and if the student ends up defaulting on the loans, lenders can come after parent- and grandparent-co-signers next.
If you are in your 20s or 30s and already have significant debt, you are certainly not alone. Research shows that two-thirds of millennials have long-term debt and a majority are struggling to repay it.
Millions of Americans have pursued higher education in order to be in a better place financially, only to discover that their student loans have saddled them with a lifetime of unmanageable debt.