Should I worry about being in debt?
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I applied to graduate school after college and got in. I decided not to go when I realized I would have to take out all these loans. (I have no debt). I then worked for a law firm and decided to apply to law school. Now I am having second thoughts again when these letters come asking me for enormous amounts of money I don't have. I like school. I want to go back, but I think I am scared. Should I be worried? I don't want to lose my freedom because of debt.
Should I worry about being in debt?In US society today, a certain amount of debt is practically a necessity. For example, if you ever want to buy a new car or a house, you need to have a credit history. One way to do that is to have a credit card and pay the balance in full each month. This allows you to use someone else's money free for 30 days.
As for educational loans, it is a "gamble" of sorts. You are assuming the debt associated with obtaining your education, hoping that the education will allow you to earn a higher-paying job. Once you have that job, you will be able to repay the student loan. Also, most student loans defer repayment until after graduation, so that you may focus on your studies while in school, then repay the loan once you finish.
The key to remember with debt is not to overextend yourself or take on more debt than you can afford to repay. Generally speaking, education is always a "good" debt, as opposed to buying an extravagant house or car that you really can't afford.
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