Another Student Loan Nightmare

Today I read in another newspaper regarding how the Students loans are crushing the dreams of students who took them out. But it also how the parents in order for the offspring’s to get into an excellent school follow blindly into a debt trap in the hopes that if their offspring get that particular college degree, will open doors to them. But if it is true, even then it takes a lot of salary, which is rare in this economy to pay for all the debt.

Remember also those students loans are hard to extinguish even if you declare bankruptcy. And then there is the choice of the majors, if somebody is majoring in liberal arts or some other less popular or marketable major, even your Ivy League degree would not help you far enough. But you can’t say that it is entirely the fault of the students or the loan administrators, since the parents swayed with all the marketing of these prestigious schools and how much salaries their alumni commands, fall into that trap without realizing that it is just the average or the starting salaries, which can vary across majors and industries.

It is true that an Ivy League degree can open lots of doors not open to other less prestigious schools but it is ultimately your own hard work that counts in the end. An Ivy League degree can open up doors but once you are in, you have to prove your work and mantle if you want to move ahead.