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Letter: Student loans add up too easily

Vanderbilt Hall, part of New York University School

Vanderbilt Hall, part of New York University School of Law, on May 4, 2012. Photo Credit: Getty Images/ STAN HONDA

My oldest daughter went to Nassau Community College, a great 2-year program, and then transferred to NYU ["Obama expands student loan help," News, June 10]. She was able to secure grant money and loans for Nassau in her own name, but not for NYU; so to attend NYU, I had to take out a $62,000 Parent Plus Loan.

It was a similar situation for my 19-year-old going to Binghamton University. She could not secure a bank loan on her own for tuition, so I took on a Parent Plus Loan. After my daughter graduates from Binghamton, I will have almost $200,000 in combined student loan debt between both daughters . . . and I have two more kids to go.

I have a good civil service job, but realistically, there is no possible way I can repay these loans. And the most disturbing fact? Next year the feds will offer me two more Parent Plus Loans for the twins. If I were going to a bank for any other type of loan in this amount, I would be laughed at and then denied -- perhaps not in that order.

Because these educational loans can never be discharged through bankruptcy or any other way, the only qualifications you need are a kid going to college and a pulse.

Joseph Bua, Long Beach


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