Student Loans

I am not a fan of student loans.

I have a few friends that are over 40 that are still paying on their student loans.  It has been a huge drain on their finances for the last 20 years.

I know a couple of bartenders that make most of their money without paying taxes on their tips that are not paying back their student loans.  

They will not get jobs in their field because they would make a little more money but have less take home pay because they would have to pay their loans.

Student loans never go away unless you pay them.  

It is real easy to get student loans.  It is real easy to spend the money that you get from student loans.

It is really hard and will take a long time to pay back your student loans.

A Friend's Daughter

A friend of mine's daughter just started college last year.  She is a very good student but does not know what she wants to do.  She moved into her own apartment, bought a used car, has five new tattoos, and has gotten good grades in general studies and partied a lot.

So far she is between $15,000 and $20,000 in student loan debt.  

Let's say $20,000 over 10 years at 9%.  

The payment on just her first year of college will be $253 per month for 10 years.

My Advice on Student Loans

Don't do it.  College on borrowed money is a trap that has devastated nearly half the students that borrowed money to go to school.  Your financial future will be postponed until you pay off your student loans which for many people will be decades after college.