Founding Wealth Manager Eric Figueroa was recently featured on the MoneyGeek website. When asked about private student loans, he pointed out that “the big risk with a private student loan is you don’t get any of the benefits and extra protections offered by the Department of Education to federal student loan borrowers”.
Paying for a college degree is an investment like any other. Maybe one of the biggest you’ll make. So make sure you’ll get a return on that investment. “If the degree and school you’re choosing won’t help you generate the lifetime income necessary [to pay back any money borrowed to do so], then it doesn’t make sense to take on private student loans [or possibly any kind of student loan!]”.
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