Buffalo, N.Y. (WBEN) As the Supreme Court hears oral arguments Tuesday about President Biden's student loan forgiveness plan, a Certified College Planning Specialist, told WBEN, it's an important time to educate students on what it means to take on debt to go to college.
Boron, who runs SendYourKidstoCollege.org primarily works with families of students who are planning to attend college at least a year from now.
"We put it up on the big screen," he said. "I provide information and analysis.
Many students who are in high school now have the attitude of, I don't care.
I'll just borrow the money. That's where I want to go."
Boron added, when he puts the debt on the big screen and shows a starting salary and what a monthly loan payment would be, that's when it starts to sink in.
"I was just working with a family the other day. That student's monthly loan payment was going to be over two thousand dollars a month if they went to that college. When you consider a car, groceries, and rent, many realize that they would have to move back home." That often changes the decision, he said.
How difficult is it to get a 17 or 18 year old to understand the financial implications of student debt?
Boron, who has been doing college planning for over 20 years, said he sees a disconnect with families. "Students in high school who are looking at colleges really don't have a good understanding of money and paying bills because they haven't been exposed to it. It's very difficult for some parents to say 'no' to their child, and for others to say that where he wants to go. We'll make it happen. It's all well and good until the bill comes."
Deciding on a college is an emotional decision, even more so than a practical one noted Boron. But he said it is improving.
"There are so many students out there who are drowning in debt and are not in the career that they thought they would be in, or not making the money they thought they would be earning. People are becoming more aware of these types of stories.
Boron recommends families read a segment on his website, before they visit colleges. It's called "The college money talk."
"The analogy I use, is when a 16 year old is looking for a car, you don't test drive a Porsche. There's disappointment later on when you say I don't think we can do the Porsche, let's look at a 4 year old Chevy Cruz. Do all of this work before you start driving around visiting colleges. Of course the expensive colleges are beautiful. But they're not always the right fit."
