Jul 23 2008
Would you like to drive it before you buy it?
College is a concept sold to young people as the key to a higher earning potential and the doorway to interesting and exciting opportunities in life. A degree does indeed offer all sorts of great things for a young person to explore. The years and costs associated with a degree are lost as consequential numbers compared to the dreams and aspirations of the would-be college Freshman.
The allure of a good education as well as a good adventure seems to be enough for the average 18 year old to eagerly take on relatively massive amounts of debt in order to get from points A to B. Is it worth it? Most would probably say yes. But, the decision to take on debt and the foresight on how to manage debt are aspects of education that more people should be knowledgeable about. Just about anyone can get a student loan. But the interest rates and other terms of the loan can make the difference of thousands of dollars during repayment.
Also, the options to be frugal and shop around for one’s education exist. No one holds a gun to your head during the college application and acceptance process. Not all cheaper schools have inferior programs and many state schools have incredible amounts of resources to offer at the fraction of the price of many private institutions. Learning what is right for the individual and attacking the payment plan should be focal points considered in a young person’s senior year.
Student loans must be paid back. High interest rates and long repayment terms are sobering reminders post-purchase that a college education can take you places, but you don’t want it to hold you down either.
