Should We Consider Personal Loans or Student Loans to Pay for College?

According to www.mckinsey.com, "75 Million of young people around the world can't find a job" and "only half of young people believed their education improved their chances of finding a job."  According to www.forbes.com, "60% of college graduates can't find a job in their field."

So if this is the case, should you focus on school and pick up $100,000 in student loan debt?  Should you be paying 8-9%, well above the industry mortgage standard of 3-4%?

Keep in mind, student loan debt is not forgivable like most other debts, if you incur a bankruptcy.  So how do we fix this problem.  We challenge our students.  We encourage them to hold jobs, to be placed in work study programs, to live outside of the box.

Students have dreams and ambitions that are far greater than most adults out there.  Let's foster that ambition and encourage them to take leaps beyond what we think is possible.  Let's push the envelope.  Although our students and future generation may fail, this is not a failure that ends in vain.  Quite the opposite, this a failure that propels them onto a successful future.  There is a big difference between a mistake and a failure.  A mistake is something you live to regret, while a failure is just one of many on the road to success.

Isn't it time you made the decision to donate to charity, reign in your spending and allow yourself to grow your income?

This post was reposted from http://finlit.biz/debt/should-we-consider-personal-loans-or-student-loans-to-pay-for-college/, originally written on February 1st, 2013.