"I guess some mistakes you never stop paying for." ~ Roy Hobbs in The Natural
In my humble opinion, student loans are one of the biggest financial scams that is legal. Student borrowers are not evaluated on ability to repay the loan. Students are told the loan is an investment. Students are encouraged to take a large a loan as needed to pay college costs. Who is advising student borrowers? It's usually the educational institution receiving the money.
What should a student do if they can't afford a going to a college of their choice? Choose a cheaper college is the first option. If all four year institutions are too expensive, choose a community college for the first two years, live with parents and transfer after two years. Or start working, go to college part time, and even have your employer cover part of all of the costs. Finally, join the armed services and afterwards, go to college on the GI bill. All these options enable a person to get a college education.
The best part is one can avoid, or at least minimize the amount of, student loan debt. This would prevent a student from becoming one of the many overburdened by student loan payments.
This is not financial nor education advice. Please consult a professional advisor.
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