Why Are Colleges A Big Rip Off In America | Wealth Killer #4

Why are colleges a big rip off in America?

College education for many is still a dream because of the high cost of tuition. To some extent student loans helped many students to fulfill their dream of university education.

The demand for higher education grew and universities saw this as an opportunity to fill up their pockets. Students loans were made easily available and people willing to pay any price for getting a degree. Cost of college began to climb and so did student loan debt.This has made college so expensive resulting in the ever piling student loan debt.

In the US student loans has become the second largest form of outstanding consumer debt. Studies suggest that 70% of college graduates leave school with student loan debt that averaged $38,000 in 2017.

The biggest misconception about a student loan is that it is always considered to be good debt. There is a fine line between good debt and bad debt and when it comes to student loans they become bad if you are overpaying for your degree.

Student loans are no different than consumer debt when it comes to its impact on your personal finances. The lower you keep it the better. Before you get debt ridden you should calculate how long it would take you to repay your student loan.

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