It never ceases to amaze me how some Americans reveal their personal finances (good and bad) to the likes of Money Magazine (as I recall when I subscribed many, many years ago, they’re always pinging readers with “Have a personal finance story to share?”). The latest example is this couple whose retirement could be just a dream for many years to come as a result of co-signing on their two sons’ student loans, according to this story at MoneyMag.
For the past 20 years Susanne Walsh has been dreaming of a retirement where she’d travel the world. Unfortunately, those retirement plans are now on hold — indefinitely.
That’s because Susanne and her husband Bill helped pay for their two sons’ college education and even cosigned on some of their student loans. Despite graduating with four-year degrees, neither of them have found stable jobs.
Now Bill and Susanne shoulder the brunt of roughly $189,000 in combined student loans.
The couple is on the hook for almost $750 per month in student loan payments for their son with a Rutgers degree, an aspiring actor who now waits tables in Hollywood, CA, while their other son is pursuing more degrees with his loans now in deferment.