Student Loans:

Student loan patter:

Student loans are worth the investment.  Everyone should go to college, even if you have to borrow to go.   You will earn a lot more money  with a college degree, and it will be no problem to pay back.

These are just a couple of the lies, or at best,  misleading statements about student loans.

In this article, in the “Wall Street Journal”,  Mary Pilon reports the case of a student loan, that had ballooned to $555,000.  Yes, that is a cool 1/2 million plus.

The loan belongs to a family doc, so what’s the big deal, they are all rich aren’t they??

Well the average salary for a family practitioner is $145,000 bucks a year-great salary, way above the national average.

However, with a loan that size, with interest accruing, even if half her salary went to pay back the loan, it would take more than 10 years to pay that back.  So great salary ain’t so great if half of it goes to pay back your student loan.

Borrowing for college:

Do I think it is evil to borrow money to go to college.  No, of course n0t.  Do I think it can be stupid to borrow $100,000 to pay for tuition, room, board, and beer, for a degree that pays on average 40, or 50 grand a year or less-yes!

So, before  following the herd and borrowing a pile of money to go to school.  Check out ways to decrease your burden:

• Go to a less expensive school.
• Go to school part-time.
• Drive a clunker, and use car payment money to pay for food, or books.
• Join the service, and let them pay for your education.
• Get your employer to help pay the bill.
• Work your butt off finding scholarships and aid.

The good news is that you can get an associates  (which usually takes 3 years)  RN degree at a public institution for very little investment.  Even a four year BSN at a public school is a bargain, but you can make it great by limiting your borrowing.

So before you call Aunt Sallie Mae to borrow a hunk of cash, think about it.  Make sure there is not a better way.

NELRP

And if you do borrow, there are ways to help pay back the money-see this post about one of the federal loan repayment programs -(NELRP)-  for working in an under-served hospital or clinic-as a nurse.

Reader comments:

What say you? Did you borrow money for a degree and now you’re having trouble paying back the money?  Did you waste money during your education on fun and games?