Is an education worth the investment? Would you be smarter to not get an education and wait until the economy improves? Personal loans for students can create huge levels of debt. Is it a good idea to take this on?
College tuition, room, board, and expenses went up along with all other prices as the economy floundered.
State grants and loans are very hard to obtain, and personal loans are also getting harder to get. Federal student loans are the best kind right now, but even then the student is taking a risk of higher interest unless congress steps in soon.
Stories abound from the past couple of years from college graduates who have finished school with a diploma that cost them huge amounts of money. With few full-time job prospects and dwindling benefit programs, half of the graduates have been desperate enough to accept any employment that they could find in order to make the payments on their personal student loans.
The story goes like this. A student graduates with a major in a certain field that he or she is interested in. But there are no jobs available in this field, so they have to take whatever they can find. The interest on the huge debt they now have for college is beginning to grow.
I have heard of students with subsidized loans attending morning or evening classes, and, also take up part time jobs, to defer collection of debt on their personal loans. Graduates even grow old (almost 30's) by the time they pay off their loans.
So, as a prospective student, would you take a personal loan, to get a college education and later pay your loan after completing your education and getting a job? Or, would you just simply bear with the situation you are presently facing? The choice is tough, but, finally you have to decide.
There are times when the final decision is thrust upon us. Whether just starting out in adult life, or halfway through it, the job you studied so hard for may not be available. So before you sign on with a large loan, check out just what it is you want to be trained for, and don't just let the money be your only factor in deciding. If the choice of careers is definite for you and you need that college education to get in the running, then by all means, go for it. If not, think it through a little more.
College tuition, room, board, and expenses went up along with all other prices as the economy floundered.
State grants and loans are very hard to obtain, and personal loans are also getting harder to get. Federal student loans are the best kind right now, but even then the student is taking a risk of higher interest unless congress steps in soon.
Stories abound from the past couple of years from college graduates who have finished school with a diploma that cost them huge amounts of money. With few full-time job prospects and dwindling benefit programs, half of the graduates have been desperate enough to accept any employment that they could find in order to make the payments on their personal student loans.
The story goes like this. A student graduates with a major in a certain field that he or she is interested in. But there are no jobs available in this field, so they have to take whatever they can find. The interest on the huge debt they now have for college is beginning to grow.
I have heard of students with subsidized loans attending morning or evening classes, and, also take up part time jobs, to defer collection of debt on their personal loans. Graduates even grow old (almost 30's) by the time they pay off their loans.
So, as a prospective student, would you take a personal loan, to get a college education and later pay your loan after completing your education and getting a job? Or, would you just simply bear with the situation you are presently facing? The choice is tough, but, finally you have to decide.
There are times when the final decision is thrust upon us. Whether just starting out in adult life, or halfway through it, the job you studied so hard for may not be available. So before you sign on with a large loan, check out just what it is you want to be trained for, and don't just let the money be your only factor in deciding. If the choice of careers is definite for you and you need that college education to get in the running, then by all means, go for it. If not, think it through a little more.
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