I agree with ShayBult. That's what I mean by frivolous loans. Generally I don't think it's frivolous to get loans for a high paying, high value degree like a medical degree or engineering degree. Although they're large and expensive, your future job will allow you to pay them back comfortably over time. But going to school for a degree t…
I agree with ShayBult. That's what I mean by frivolous loans. Generally I don't think it's frivolous to get loans for a high paying, high value degree like a medical degree or engineering degree. Although they're large and expensive, your future job will allow you to pay them back comfortably over time. But going to school for a degree that is not going to get you a job that pays well enough to pay back the loan is a poor investment. It's the reason why private education loans are much more stringent. The government is just investing poorly in education especially since the "gainful employment" standard no longer applies (not that it was perfect though).
And to be clear, I'm one of those people. I took out loans to go to Northwestern University for a History and Sociology degree. I wish I had not done that and had gone to a state school that would've literally paid me to attend there. Wouldn't have had a large amount of loans and probably would've received the same education.
I agree with ShayBult. That's what I mean by frivolous loans. Generally I don't think it's frivolous to get loans for a high paying, high value degree like a medical degree or engineering degree. Although they're large and expensive, your future job will allow you to pay them back comfortably over time. But going to school for a degree that is not going to get you a job that pays well enough to pay back the loan is a poor investment. It's the reason why private education loans are much more stringent. The government is just investing poorly in education especially since the "gainful employment" standard no longer applies (not that it was perfect though).
And to be clear, I'm one of those people. I took out loans to go to Northwestern University for a History and Sociology degree. I wish I had not done that and had gone to a state school that would've literally paid me to attend there. Wouldn't have had a large amount of loans and probably would've received the same education.