College Debt = Bad Debt

Danger Will Robinson!

Picture compliments of TheRobotLab.com

Q:  Why do we think we have to go to college?

Throughout my life, I heard the message, “You can’t make it these day without a college degree.”  Later, the message morphed into, “You can’t make it these day without an advanced college degree.”  I believed what I heard and fell for it all hook, line and sinker.  Now, I’m caught in a fishy net of debt, stress and hating my career that I’m still paying for.  I’m not alone!

A: We think that we have to get college degrees because we all want more money and higher status.  Our society has done a great job of hitting us with the message that we must have a; college degree, big house, new car, vacation, cable TV, an advanced college degree, yata, yata, yata.

Proverbs 23:4-5 Do not wear yourself out to become rich; be wise enough to restrain yourself. 5 When you gaze upon riches, they are gone, for they surely make wings for themselves, and fly off into the sky like an eagle!

Of course, society doesn’t have to work very hard to turn us toward materialism.  Timothy 6:9 Those who long to be rich, however, stumble into temptation and a trap and many senseless and harmful desires that plunge people into ruin and destruction.  We all long to be rich, affluent and upwardly mobile.

Q: If we don’t go to college what are we going to do, work at McDonald’s?

A: We all need job skills but the problem is college does us no good if we come out deeper in debt than ever before.  Proverbs 22:7 The rich rule over the poor, and the borrower is a servant to the lender.  Truly, we end up in a worse situation because we are more of a poor servant than before.

Mark Cuban has been observing and asking great questions about what’s really going on in higher education in his blog, BlogMaverick.com.  He compares the college debt game with the housing bubble and how it is likely to affect our nation and economy in the, closer than we want to think, future.

As usual, Mark Cuban is on the money.  To sum up his post, the money for these expensive student loans comes from the US government as well as much of the money that colleges use to build bigger buildings then raise tuition.  All of this educational borrowing has the same consequences as those easy ARM home loans did and we end up broker.  I recommend reading his article and it’s not all doom and gloom as he does give us some light in a dark place.

Q: Hey, Mark Cuban got a college degree so why listen to him?

That’s a great question!  Cuban earned a bachelor’s degree in business administration.  He worked as a bartender, dance instructor, and made money selling things to pay for college.  To top it off, he chose the Kelley School of Business at Indiana University because out of all the business schools on the top 10 list of that time, Kelley cost the least!  Now he’s so rich that he’s a shark on Shark Tank (Wikipedia on Mark Cuban).

A: Therefore, Cuban is qualified to give advice about money, college and business.  He’s not saying, don’t go to college instead, DON’T go into debt to go to college.  He also gives us alternatives to traditional college.

Proverbs 13:20  The one who associates with the wise grows wise, but a companion of fools suffers harm.

Listen to the robot, “Danger, Will Robinson!  Danger in student loans!”

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