I’ve seen that people go to university for two reasons. The first is because it’s assumed they have to and they just follow through with it. The second class of people bound for university are the ones that are disenchanted with their career and want something more. The prospect of leaving a professional life for a vacation full of study and enlightenment is very appealing. In my opinion this second group has an edge over the first because they better understand the ramifications of taking out a huge student loan. They also have the experience to know what field of study will be the best bang for the buck and bring about the most satisfaction in life.
Whichever group you belong to, it is easy to focus on school and not the money that’s necessary to go through it. In this video clip we see a man who attended a technical school and graduated without knowing the full ramifications of taking out a student loan. Whether it was because of his youth or an administrator not being forthright, he was stuck with a relatively large student loan that he is still making payments on 23 years later. Sadly, over the years his initial balance of $11,000 has ballooned to $15,000 due to interest and late fees.