A warning on student loan debt

[Balugon]

Wanted to pass along this article concerning student loan debt:

35 Shocking Facts That Prove That College Education Has Become A Giant Money Making Scam

Imo, avoid it at all costs. And from what I'm realizing now, my 5% or so interest rate seems like it is 5% interest per year, which means if a person had 50,000 in student loan debt, the interest alone would cost them 2,500 a year. And if for some reason you are only making 20,000 a year at a job, that might be a major expentidure, especially if you have children. Imagine how many years it could take to pay back.

 

[ImperialPhantom]

That's about the same interest rate as one would pay on an average fixed rate mortgage, and like homeownership, getting a college education has it's risks. The biggest one - choice of major - is entirely up to the student. I guarantee you see more people with history degrees working as janitors as opposed to useful degrees, such as nursing.

 

[psalmtoday]

We should be smart when considering what degree to major in as well as the financial cost. I believe that if God wants you to attend a college, he will make a way for you to attend. And if you have to take out loans, He will make sure you are able to pay them back. I am learning this more and more. Although I am wise when it comes to financial decisions, I refuse to be stressed out about money.

 

[Marcus Constantine]

Just to provide a counter opinion, I'd like to say that I used loans for part of my undergrad and most of my masters program. I don't regret it at all. During my undergrad I was able to concentrate more on my schoolwork and during my masters I was able to better support my family.

As for the major, it is important, but it's not the end of the world if you go into something different at the end of it. Many masters programs are designed for those that want to switch academic fields. For example, even if you didn't do a pre-law degree you can still get into a good law school.

I tell students that if God has called you to do something, then follow the degree program that best fits that. Life isn't about money or success or being assured a job on graduation. It is about giving God glory, having an impact on the world with the gospel, and having an eternal impact on the world you live in.

(Also, history degrees are useful to!)