Student Loans Lead to Credit Problems Later In Life!

Posted on June 6, 2007
Filed Under Student Loan News |

Student Loans Lead To Credit Problems Later In Life

According to an article in the Motley Fool UK, having student loans early in life creates a belief in the student that debt is normal and expected throughout their life.

I would go as far as saying that the credit card companies play a big part in this also, loading students up with credit card debt early in life. This saddles them with payments for many, many years. Many are forced into bankruptcy.

This just goes to show that our philosophy of a student working their way through college and paying as you go is the only wise decision. Sure, you may have to attend State U instead of Harvard, you may even have to take your core classes at a local community college while you earn enough to pay your way through college.

I can here the gasps now.

However the statistics don’t lie. Those who finish school with little or no debt, finish first in the financial world. They’re able to start building wealth earlier in life, which translate to having larger retirement funds later in life.

No surprise here.

So maybe delivery pizza’s and mowing lawns to pay your way through college isn’t such a bad idea if you want to finish at the head of the pack.

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