When it came time for Cassidy Rumble Meyer to choose a college, she had a range of options thanks to great SAT scores, a solid grade point average and a stellar volunteer resume.
At 44, Mark Dinos is smart and successful, the kind of lawyer you want on your side if you’re in an insurance-related legal case. But the Chicago attorney gives himself less-than-high grades for how he prepared financially for his daughter’s college education; she starts at Northwestern University just days from now.
You’d have no reason to think that Terry and Laura Truax of Chicago are in any way atypical college parents. Their son Sumner, 22, attends Lawrence University in Appleton, Wisconsin, where he’s double majoring in saxophone performance and music education.
By year’s end, Stephanie Bourque will owe approximately $165,000 in federal student loans. It’s an especially daunting debt load for the first-year University of Colorado pediatric resident whose annual income will likely fall between $40,000 and $50,000 during her three-year residency.