With Spring settling in here in Memphis, that means school is inching closer to an end for our ambitious high school seniors. For some of these seniors, it means taking the ACT and choosing a college to continue their learning.


Is your child getting ready to go to college and making the choice on where to attend? As a parent, there are some things you want to keep in mind.

As we all know, college is very expensive. Some students are fortunate enough to receive scholarships, whether it be partial or full, but some aren’t. Just as some parents have been fortunate enough to save for their child’s education, but some haven’t been.

And then some parents may be like me in which your child has the opportunity to go anywhere in-state on a full ride scholarship, but is dead set on a school out-of-state.

When helping your children make the right choice for school, finances must play a big factor in the decision.

Let’s say your child wants to go out-of-state to college but isn’t able to receive any scholarship money in doing so. You want to see your child happy and you have the means to help with tuition. However, in doing so, you need to be frugal enough with your money to not break your bank and put yourself in deep debt you may or may not be able to pay back. You must not neglect your other expenses.

There are always student loans, but even those are tricky. When choosing to take out student loans for college, you should only take out the necessary amount. Some students tend to take out too much in an attempt to live a more luxurious lifestyle in college and this can cause pain and suffering financially down the road.

I also urge you to think about your desired career field when taking out student loans. What kind of money do professionals in your field make out of college and down the road? What kind of student loan debt will that salary be able to pay off? Borrow according to that research.

We all want to help our children go to the school they want to go to, but when paying for tuition and borrowing money, we must stay practical and not only look out for our financial future but also the financial future of our children.

Student loan debt is as high as it’s ever been and so are default rates. Borrowing rates are as high as they’ve been in a year. Be aware of high debt and make smart financial decisions.

If you’re someone who’s struggling with debt and just not sure how you’re ever going to get your head above water, I urge you to consider filing for bankruptcy. By filing for bankruptcy, you can either discharge all your debt through a Chapter 7 or lump it all into an affordable 3-5 year repayment plan.

Memphis bankruptcy attorneys | Memphis bankruptcy lawyersA bankruptcy is nothing to be afraid of either. With the right attitude, spending changes and some patience, you can come out of the bankruptcy process better than you went in. Once it’s completed, you have a fresh financial slate to re-establish your credit and rebuild it the right way and we have a great 14-week program that can help you with that called “7 Steps to a 720.” This program is free for our clients.

If you have any questions or if you’re considering filing for bankruptcy, give us a call at (901) 327-2100 or fill out the “Get in Touch” form below to speak to one of our experienced Memphis bankruptcy lawyers, free of charge.