Let the Borrower Beware
In a little play named Hamlet, a certain author named William (Bill to his friends) Shakespeare put these words into the mouth of a wise character named Polonius: “Neither a borrower nor a lender be.” While strict adherence to this advice would topple the real estate, automobile, banking, and other borrower-dependent industries, the cautionary subtext of this message still remains relevant to those of us zipping along through the 21st century. We all know there are times when a generous extension of credit comes in mighty handy. But loans also can be quite costly when one considers accumulated interest payments and stress. If Polonius lived in the new century, his loan advice likely would be: “Make sure there’s an upside.” Or something to that effect. I heartily concur.
Nowhere is the need to identify an upside more apparent than in the realm of higher education. Going deep into debt for just any ol’ diploma is not on my list of smart moves. How deep can college take you? This USA Today article gives you a crystal clear picture of higher education’s financial bite. We’re talking Jaws and Moby Dick combined.
Parents and Students Have 2 Basic Choices:
- Play the lotto until you hit the big one.
- Identify career goals and do some in-depth labor market research. This type of high-intensity career preparation presumably will point you in the direction of a choice college and major that eventually can be parlayed into a J-O-B. Trust me, it’s a lot easier to repay a hefty loan when one is gainfully employed.
The choice is yours. So choose wisely. Now if you’ll excuse me, I have to buy another batch of lotto tickets. See you soon.
And be sure to contact us with any questions or comments you have about career options for college students. Our expert team is ready to help.
Connect with Jan on Facebook
Join our mailing list and get inside tips, updates, and workshops from Jan.