Some suggestions on how to get out of it.
One way, is to make smarter decisions. But at 18 that's easier said than done.
It's funny how a student loan is given with no collateral to back it up not only in the USA but I believe up here as well. Mind you, our tuition fees are absurdly and artificially low.
I can't get a loan without some proof of income, mortgage, savings or revenues to back it up.
I recall that my student loan required a lot of paperwork (for me at least), and my tuition at a private school was way, way more than what I did get. It wouldn't trade college for anything. I went back and finished at a later age.
ReplyDeleteMy Ph.D. son just finished, at 42, paying off his student loans even at our "absurdly and artificially low" tuition fees. My children, all 3 of them, never qualified for a bursary our revenue was too "high" and they earned there way through their CEGEP and B.A.s further disqualifying them.
ReplyDeleteThose loans are not considered loans but investments for the nation's future and very few graduates default on them.