Web Editors' Choice 2012

By Bloomberg - 2012-12-24T16:25:34Z

Photograph by Jim R. Bounds/Bloomberg

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The Parent-Loan Crisis

In Virginia, a 63-year-old woman with three children and a husband with dementia tossed out any hope of spending her golden years in blissful retirement. A $400,000 second mortgage she'd taken on her home to help fund college tuition payments for her children at Boston College ate up the proceeds from the sale of her house. In Georgia, another mother, aged 59, has borrowed almost $40,000 to pay for her youngest child to attend Belmont University in Nashville. "I'll probably work until I fall dead at my keyboard," she told education reporter Janet Lorin. In a moving story about the sacrifices parents are making to ensure prosperous futures for their children, Lorin reveals that amid the attention given to the crippling loans students take out to pay for college, there's also a parent loan crisis in the making.

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