Associates, Bachelors, Masters, Doctoral – they all sound nice especially when tacked at the end of one’s name. But, as with all things beautiful, they come at a price. A high price which is now a veritable prize in today’s economy – money. I touched on this before in my post: Is a college degree worth it.
So, here comes the proverbial answer to that dilemma. Loans, right? Specifically, a student loan that will get you that coveted degree. And much like easy sex, it is there, up for grabs and quite deliciously easy to take.
Student loans abound, with Federal student loans (those guaranteed by the United States Department of Education) or private loans (those that come from banks or financial companies). And, they’re quite easy to take. Really, that should tip one off already.
But, there it is, the need for and the avenue with which to take it. Student’s sign on the loan, go to college or a university and what do you know? The problem has just begun. Why? One loan is usually never enough. Students take on more loans. The payment and interest dues pile up and with the other basic needs to take care of? Spell headache and burden to a T.
Student loans are sounding very much like a dreaded sexually transmitted disease or STD. And, STD’s being what it is, it sounds like a serious enough problem. Let’s correlate the two, shall we?
1. IT HURTS
Just like STD, student loan payment and interests hurt an individual. Not only some necessities (good food, better housing, and good clothing) are passed on in favor of making the required payments but other significant and life-changing events are delayed. Think about settling down in 20 years time instead of 10.
2. IT IS TIME CONSUMING
And, from the first comparison, student loans just like STD take time to get rid of. Sometimes, it just becomes a vicious cycle of working hard just to make the payment without ever completely settling it.
STD likewise takes a couple of months of treatment depending on the type and severity. It would involve numerous visits to the doctor, undergoing tests and taking medicines for a specified period of time.
3. IT IS ISOLATING
STD’s will make one feel like a pariah. Of course, no one wants to be infected right? Student loans create the same situation. With a really tight budget string, forget about going out and enjoying. An individual with student loan payments to make will most likely be juggling several jobs so there’s no time anyway. And, if a possible partner gets fed up with commitment delays, say hello to more alone time.
4. LASTLY, IT IS EXPENSIVE
Making monthly student payments, dealing with accrual of interests, need I say more? Just as how STD cures are expensive with doctor fees, tests and medicines, the same is true in settling student loans.
Education is valued by most. If one feels that getting higher education is worth taking on student loans, then that is a choice, much like sex. The key is to make an informed decision about it. This involves getting as much information about the best student loan for you. Grants and scholarship (which does not need to be paid back unlike student loans) should also be explored first. Study and compare loan options.
Decide on a student loan that you feel most comfortable with. One that you feel, looking forward, you’d be able to handle in terms of future payments. Take precautionary measures and be responsible about its consequences. Just like in sex, if one can’t abstain from taking on student loans, then just be as careful as possible so as not to get burned with unwelcome effects.