Ivy undergrad education worth debt?

afadad
Tue, 17 Feb 2009 21:25:28 +0000

Quaker; excellent post. My point exactly with my “CAR LOAN” analogy. Not that an education should be compared to an automobile; but I believe that a 5 year payback is acceptable. If we can take out a 5 year car loan (Price of loan is dependent on what you can afford); then there’s nothing wrong with having a college loan/debt that can be paid back in 5 years. If you have an $80,000 or MORE Harvard loan debt, and the job you get out of college is only paying $30,000 a year; I doubt you can pay it off in 5 years. However, if your income is $60,000 a year, it’s quite doable to hold back $20,000 a year from that salary and be debt free in 5 years. Just a matter of how much you can parlay that education into.