So I'm beginning to realize how certain people are able to afford these nice vacations while they are at college. College students have gold mind when it comes to getting money or at least they think they do. Our wonderful government has given them the ability to get these wonderful government backed loans which they for the moment think is free money. Their lack of experience with large loans and because they live for the moment not realizing the consequences that moment will have 5 years and a few kids later such as buying a brand new car or atrip to Florida Disneyworld and a cruise (it happens). They went to college borrowed money met their spouse borrowed some more money took vacations together then barrowed money spent lavishly and foolishly got married borrowed once again to buy a car and then???...... realization hits that they can't afford to pay it back.
I've been there. Although I have never actually had student loans I do remember getting my first and second credit card in college. I would always tell my future wife we should take a trip and worry about the consequences later. Imagine if you didn't have to worry about the consequences for 2, 4, 6, or sometimes 8 years and your assumption at that time is that you'll be making alot of money so that student loan will take care of itself. I probably would of done a few nice vacations. I'm glad I didn't though.
It is my assumption that my January's winner of the "ICAIW" fell for this trap and now has hit a realization that the bills are due the government who backed his and his wife's loans is at the door asking for their money. It is also my argument that a reason that airline tickets cost so much could be due to student loans. Students have found a free way to take vacations and are taking advantage of it. Allegiant in provo is doing quite well because of this. Try to find a ticket. It's getting more and more difficult.
So for your enjoyment and the reason why I started this subject here are some screenshots of one of the latest text topics that one of our local radio station does.
Probably got her degree in FUN!
I seriously had no idea it cost that much.
And what exactly did that 90000 dollars pay for? Be honest. You took a few trips here and there right??
Student loans do not go away even in a bankruptcy! But!! There is a way to transfer student loans over to credit cards and credit cards are a different type of loan that usually doesn't garnish waiges.
"She took vacations" Why not? At the moment it's free money!
There are ALOT of stay at home moms with degrees. I have mixed feelings on that.
250 thousand to be a pharmacist??
350 thousand to be a dentist??
Your not married yet. Trust me. You will fight about that debt in one way or another. I might reconsider marrage.
Obviously do your homework before getting into debt and trust me when I say this. Someday you will regret racking up money for those spontaneous surprised or even planned vacations using your student loans to pay for them. Avoid them if you can BUT, There are good uses for student loans unfortunately so many have no control over their finances that they can not use them for good so because of that my council is to AVOID taking out any loans.
Another good article on student loans.
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