I’ve been out of college for a while now. Fortunately, I have parents that put me through my higher education without having me take out any student loans. Many people don’t have this option and have to resort to using college loans to put them through school.
Many private student loans are given to qualified candidates who don’t have to start paying them back until they graduate. This is hook, line, and sinker of the loan industry. Everyone should be aware what they are getting themselves into before taking out student loans. If they can be financially responsible during their college years and after they graduate, then a student loan is easy to manage.
Let’s be real. College kids are in that stage in life where responsible decision-making may not be their focus, but spending is something they can do easily. Student loans aren’t just for books, housing, and tuition. It also works as an allowance for most of the students who take out these loans. This can lead to debt for the next twenty years if not managed properly.
College students should pursue a degree that can provide them a path to a stable career. Liberal arts majors should be cautious. The term “starving artist” is the best two-word cautionary tale.