Avoid Student Loans – A Cautionary Tale!
February 15th, 2010 - byRead this entire article from Saturday’s Wall Street Journal about a doctor who incurred $250,000 in student loans and now owes $555,000. Some of the “money” quotes are:
“Maybe half of it was my fault because I didn’t look at the fine print,”
“Unlike other kinds of debt, student loans can be particularly hard to wriggle out of. Homeowners who can’t make their mortgage payments can hand over the keys to their house to their lender. Credit-card and even gambling debts can be discharged in bankruptcy. But ditching a student loan is virtually impossible, especially once a collection agency gets involved. Although lenders may trim payments, getting fees or principals waived seldom happens.”
If you’re a decent HS athlete with great grades, you can avoid student-loans and play your sport in college. You can also get a good portion of your school funded, reducing those burdensome student loans which can hang over you for decades. If you’re a parent, plan for college expenses now. Even if your oldest child is in 7th or 8th grade – start taking action now! To find out more about how you can do that, go here.
