Debt for College is Dumb

July 9, 2011 — Leave a comment

If you’re thinking about financing your college education, think twice. Look at a cheaper alternative like online accredited universities. The cost of an average private university in The US is about $27,000 per year. Back in the early 70’s it was about $3,000 per year. That’s an 800% increase!

The government is making it easier to borrow money to go to school. Do you really want to have a 4 year degree and be over $100,000 in debt before you’re 25 years old? That’s not a smart personal finance plan. It would take you many years to become debt free and you’re just getting started.

Education is a product. Services rendered, money paid. Look at your options before you dive into student loan debt. And by the way, you can’t include student loans in a bankruptcy.

To Your Financial Freedom,
Greg Whitaker

Greg Whitaker

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Greg is a financial wellness educator, tireless ambassador for financial literacy, and the founder of Debt Shepherd.

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