On the heels of yesterday’s post and video I did regarding if you need to go to college for internet marketing, I did a video why student loans and debt will screw you.
A couple of things to note here:
Some say certain kinds of debt is OK. How about this from Investopedia:
Education has long been synonymous with success. In general, the more education an individual has, the greater the person’s earning potential. Education also has a positive correlation with the ability to find employment opportunities. Better educated workers are more likely to be employed in good-paying jobs, and tend to have an easier time finding new opportunities should the need arise. An investment in a technical or college degree is likely to pay for itself within just a few years of the newly educated worker entering the workforce. Over the course of a lifetime, educated workers are likely to rack up a return on investment measuring in the hundreds of thousands of dollars.
Are you flipping kidding me? Was this written in 1972?? (watch my video for my commentary)
In 2012, 71% of all students graduating from 4-year colleges had student loan debt (Source)
Or how about this:
The standard repayment plan for federal student loans puts borrowers on a 10-year track to pay off their debt, but research has shown the average bachelor’s degree holder takes 21 years to pay off his or her loans. Under federal income-based repayment options, remaining debt is forgiven after 20 years.
Twenty One Years!
When it takes an average of 20 plus years to pay off your student loan, you are NOT getting ahead financially. And if you have a family, I don’t need to tell you what a burden that is!
Our educational system places WAY TO MUCH emphasis on ‘educating’. We need more ‘doing’!!
Mark Cuban weighs in:
My advice to a Junior or about to be a Senior in high school is go to the cheapest school possible to get your Freshman and maybe Sophomore classes. You don’t need to go to Harvard…Harvard you know…’introduction to writing’ and ‘Freshman English’ … ‘Freshman Sociology’…ok, you can make the argument that it’s going to be better than ‘Joe Blow Junior College’ or community college but the reality is you have to weigh that against if you’re paying for your school or more importantly if you’re borrowing money for your school do you want to be saddled with 40, 50, 80, 100 thousand dollars in debt? I’ll give up the incremental value of Freshman English at a great school to not have the stress of…physically on you and your family and, I think all that’s going to change.
Simple. A good education doesn’t have to cost 100 Grand…and a good online marketing education can be had for a few thousand dollars, and has MUCH more hands-on teaching. Not college.
Who doesn't pal? If you have a rich Uncle, you're good to go. If not, then you better get real and realize that latest 'opportunity' on that Facebook group where you can make 300 bucks over and over for doing nothing is complete bullshit. ARE YOU READY TO GET REAL?? >> >> >> >>
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