Iliana Panameño wanted to get a master’s degree in social work, just like her mother. To afford enrollment at the Boston University School of Social Work, she moved back to her parents’ home in Malden, Massachusetts. Panameño took out graduate loans under her own name to avoid burdening her parents financially and risking delaying their retirement — a move that came at a cost.
Today, Panameño’s mix of federal and private loan payments hover around $1,500 a month.
