Sallie Mae

Borrowers struggling to repay private student loans say they have little choice but to default because lenders won’t revise payments to make them affordable, according to a new report by the Consumer Financial Protection Bureau.

Many parents and grandparents are aware of the hazards of cosigning an education loan, putting themselves on the hook to repay if the student doesn't.

Parents who've taken out federal student loans to help pay for their children's college education are increasingly finding themselves in serious financial trouble. Default rates on Parent PLUS loans have tripled in the last few years, according to federal data released this month.

Sure, we want our kids and grandkids to go to college. But not every family, including mine, has been able to save enough to cover four years' worth of tuition expenses. Consider this: In the next five years, college costs at a public institution are likely to be $99,125 for four years, and $203,114 at a private institution. Who can afford this?