DO I HAVE TO PAY IT BACK

Just make him read through all the posts on this site!  That'll do the trick!

But don't discourage him from going to university, or from studying music there.  Just make sure he has realistic ideas of the costs and the need to work his little heiny off to meet them.  Teach him that he'll need to work at least one job during school to keep his debt-load minimal (and make sure he knows he can't expect financial help from mom, though she supports him and loves him and will always be there for him, I know).  And don't discourage him from studying music simply because you worry there's no future in it.  I have a friend who has an MFA in Music, and she makes a very good living as a concert pianist.  Of course, she's able to do that because she's absurdly talented, but perhaps so is your son!

$0.02.

Colly

Poly,

I laugh nervously reading your post because I all ready am nervous about my kids going to college/university...it's totally absurd on my part as they are only 3 and 6 years old.  Nervous because I don't want them to have to deal with the sh** that I have to deal with.

Hopefully, when things get straightened out I and hubby can start putting something away for them. 

 

oh and my grandfather just converted part of the resp to a gic that will net the kids an extra few hundred bucks in interest over five years.  every little bit helps !!

Justice

I will have to work harder and pay off my debt. I guess i could afford to pay atleast a hundred dollars a month. My only concern now is if i start paying them off monthly will the interest still grow on each of them? or will the interest stop!     

No, the monthly interest will not stop. But at least you will know that you are making the effort to pay back a debt, that you incurred and owe.

Thanks for taking our advice. You will feel better knowing that you are paying it back. At least that is the way that I feel when I pay my student loan every month. I am just paying back the interest, but soon, very soon, I will be able to pay more against the principal.

Colly,

No offense taken and no misinterpretation done. I do have to agree with you about the arts degree not being worthless...I have one in Sociology...has given me great insight into what I do on a daily basis at work.  Though, the college education was much more practical for me.  Both very useful!!

Hey, Hunter...maybe encourage them to work their buns off to get scholarships from their university...Not a guarantee they'll get one, but...

Alex always knew from the get-go about my SL problems. Kids are great...they never look down upon you -- they just want to protect mom against the bad guys. Don't worry about that...don't scare them, but use your story as a learning experience.

He IS scared of SL debt...but also 18. They think they are invinsible, you know..."It'll be different for me...I'll get the great job...yadda."

And you can't bring him out of the clouds without him kicking and screaming...

I am consoled by the fact that he is a big talker...but deep down not a big risk taker...

Poly

Hi Poly:

I was similar to your son when I was graduating high school. I played in a band, and there was nothing anyone in the world could say to make me want to step aside from it.

Perhaps you could do your homework and find a few famous artists who gained a useful education as a backup plan to music. An example you and I can relate to would be Mick Jagger going to the London School of Economics in his youth. Apparently he refused to quit until he knew his band would be successful enough to earn a very good living.

What if you could find a relevant example of someone your son can relate to who did the same – but with education that would lead to gainful employment in this day and age. I don’t know if it would work, but anything is worth trying when it comes to preventing another innocent soul from being eaten away by unmanageable student debt.

Oh, to have adult experience and an 18-year-old’s inspiration…

poly...

my best marks were english french art music and math.  i sucked at science and computers.  my high school physics mark sucked the big one but i took upgrading and still managed to graduate with honours in civil engineering.  you just have to think differently.  if hes great at languages, how about a translator ? english teacher ?  reporter ?  does he like kids ?  how about opening an art school for kids since art and music programs are being destroyed in grade school ?  working at an art gallery ?  offer art classes to beginners ? just a few ideas...

i figured you'd have run down all the options with him, poly.  but hey, maybe he'll be the one who defies the odds and gets a terrific job in the arts.  i used to work at the shaw festival so i  was surrounded by artsy types all the time.  *sigh.  the good old days, before student loan debt when i had a job and disposable income...sigh again*. think happy thoughts, he's not in debt yet!