I recently read Zac Bissonnette’s book Debt-Free U. In his words, this book details “How I paid for an outstanding college education without loans, scholarships, or mooching off my parents.” He is funny, irreverent at times, and spot-on in his advice. The introduction summarizes the growing problem with the availability of student loans and focuses on the people you meet during the college application process – and the lies they tell you.
Did you know that student loan debt totals about $600 billion dollars (compared to credit card debt at $850 billion dollars)? Thirty years ago, there wasn’t any student loan debt. One third of all borrowers will end in default. And unlike credit cards, student loan debt has no consumer protection, cannot be discharged in bankruptcy, and Social Security payments can be garnished to pay off delinquent student loan debt. For the 90% of the public who don’t have the resources to easily pay for college, this is a must read! I’ll highlight more from this book in future posts.