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Borrowed money to attend college can cause hardships well after school ends

By James Dykeman
On March 15, 2019

Just about every American has some sort of debt and everywhere you go, businesses offer their own brand of credit for consumers. Our nation has a huge debt of trillions of dollars. In most other countries, credit is for a select few and something to be approached with extreme caution.  

When it comes to school, I am glad that options exist to allow people access to opportunities that a higher education can afford. Personally, I would rather borrow money to get a degree than never having access to the educational system or trapped in a cycle of poverty. Of course, it is our responsibility to ensure wise decisions are made when obtaining credit, no matter what it is needed for. Typically, if one is under the age of 24 it is very hard to get an unsecured loan or credit card yet borrowing thousands above and beyond the cost of an education is readily offered to people of all ages.  

Except for very, very rare exceptions you can never outrun your student loan debt and must repay it. Money borrowed today to buy a laptop, used car, or summer vacation can and often does follow you for the rest of your life if one is not careful.  

The government and lending institutions know when they loan you money for school that you must repay the debt. A debtor who is obligated to pay almost 100% of the time is a good place for those entities to be. 

It’s important to know the variables between options that are available, such as the differences between grants and loans and primarily being that grants do not have to be repaid. The bulk of school loans are not deferred interest, which means interest will begin to accrue immediately and essentially holds people accountable for interest from the first day.  

Most people I know do not have the means to settle it all up front or entirely on their own however, it is incredibly important to approach borrowed money carefully and as a last resort. According to StudentLoanHero.com, the average student leaves school with over $37,000 in debt. Some pay it off as planned but others can spend a lifetime struggling to repay the borrowed money. 

It can be dangerous to borrow thousands of dollars at any age, let alone being a young person who may not understand how the whole system works. Don’t make hasty decisions about borrowing money or what you are going to study. 

Make sure to do research and understand the options before you take one of them because once you agree, you are accountable for repaying the debt even if it outlasts the earned degree.

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