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.

– Diane L. Drain

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