Student loan debt is destroying parents’ retirement funds & credit.

Student loan debt isn’t just hurting a generation of college grads. It’s also crushing the financial futures of the parents who cosigned for their kids.

Susan Zambo, a 50-something mother of three from Ohio, had an excellent credit score in the 780s in 2010. Then she cosigned her son’s $9,000 Sallie Mae loans for college. He became addicted to painkillers and had to leave before earning his degree, but he’s still on the hook for that $9,000 — which is now more than $11,000 with interest and fees.

“We paid for a few years, but it didn’t make a dent,” Zambo told Moneyish. Now her credit score has plummeted to the 400s, but she’s got her own bills to pay before she can pick up her son’s.

Click Here to Read The Full Article