MUSINGS BY DIANE:
I am a huge supporter of education, but the typical borrower is usually not prepared to predict if, and when, they can pay back a loan. Instead, some borrowers view it as “free” money and assume that they will find a way to pay it back “sometime”. Typically, they do not finish their education and end up in a job that barely supports them, and their family. Certainly they cannot afford to buy a home, save for unexpected expenses or pay for their own child’s education It becomes a terrible cycle of borrowing, failing to pay, having their wages garnished, which now means they definitely cannot afford to pay rent. This becomes a cycle of life for them, their children, and their grand children.
There are alternatives – school grants, scholarships, an extra job, or help from family. Never be too proud to ask family for help, if what you want to do it get a good education. But, never see school loans as free money – they come with disastrous price tags.