Education is always a good investment, I won’t doubt that, but what happens when you make a bad decision while investing for your future?
I’m talking about private student loans here – you know, the ones with pretty high interest rates that you can’t shake off even when declaring bankruptcy.
Federal loans typically offer better rates while being more lenient, but the problem is that too many students are “blitzed” by the advertising campaigns of private lenders. These lenders not only advertise heavily, but they also tend to exaggerate the “profitability” of the courses they offer.
This is where I come in and ask: is it really worth tens of thousands of dollars to get a four-year course, or is it better to head to your local community college for vocational or technical education?
College would be a no-brainer if you can afford the loans in the first place, but vocational and technical courses are the more attractive options for those facing financial difficulties. The education is brief, straight to the point and gets you armed with a set of skills for a specific career field – allowing an individual to start looking for work in a short span of time while keeping the expenses down.
Maybe when you’ve got a steady, decent-paying job pinned down will you be able to get an opportunity for higher education.