Every once in awhile it’s good to get some perspective. How about some perspective from a billionaire? Here’s what Mark Cuban has to say about student loans.
To skip directly to the student loan discussion, fast forward to the 4 minute mark.
Billionaire Mark Cuban has been very loud and clear over the past several years that there is a student loan and college tuition bubble that is going to burst. We don’t know when the big pop is going to happen, but most experts agree that it’s going to happen.
Tensions are rising as students are starting to demand lower tuition through protests across the nation. As Mark Cuban points out, one factor in the rising costs of tuition is because of how easy it is for students to borrow money. Student loans are a bad idea for you personally and a huge drain on the country’s economy as a whole. Did you know that the amount owed in student loans here in the United States totals over $1 trillion? That’s more than the United States total in car loans and credit card debt COMBINED.
Do yourself a favor and stay away from student loans. Work hard to earn a couple scholarships. There is scholarship money out there just waiting for students to claim it. Too many scholarships go unclaimed because nobody applied. Commit to applying to at least one scholarship today! Trust me, it’s either put in effort now to get scholarships or put in 10 years (likely more) of effort in trying to pay off your student loans.