I was on Yahoo! homepage this morning, and this article popped up:
If you are considering taking out a ton of loans, read that article and read more stories at http://www.consumerfinance.gov/blog/chime-in-on-private-student-loans/
If those stories don’t scare the sh!t out of you, then I don’t know what will.
I definitely discourage everyone from getting private loans. There is absolutely no regulation on their interest caps, and they can sink to low levels of scumbaggery when it comes to collecting debts. You can almost never discharge loans in a bankruptcy situation, so I really advise you students out there to think long and hard before taking out loans.
I’m not saying NEVER take out loans- it it’s the difference between needing an extra $1000 or staying out of school one semester, take the $1000 loan. Like I said in a previous post, taking out a loan can help improve your credit score, but a do it with a SMALL loan.
No school or program is worth the stress of the financial burden that student loans visit upon us. Read those stories if you somehow think you’ll be the exception to the rule. Our world is saturated with people who have a degree, therefore very few have qualifications that will make them invaluable to the companies they apply to, so no one is immune to the issues of those who posted their stories to Consumer Finance.
Our society is living longer and longer these days. Many people have waited until their 40s, 50s, 60s, 70s, I even heard about a gentleman that did a Physical Therapy Assistant program in his 80s, to go back to school. And I bet all those people were able to pay for school out of pocket because they waited, planned and saved. No one is holding a gun to your head, telling you to go to college or grad school immediately. Take your time, save your pennies, and you’ll save yourself stress, and interest, down the road.