As the economy worsens, many adults who have experienced a job loss are thinking about returning to school to learn a new skill and become more manageable in today’s job market. Unfortunately, getting a second degree usually means more student loan debts, especially for the “mature” student. If you’re considering returning to school and taking out student debts there are a few things you may want to consider before you do so:
- Student loan debt is very difficult if not impossible to discharge in bankruptcy. Student loan lenders have incredible powers to get their money. They can easily garnish wages, seize bank accounts and in short make your life miserable is you fail to pay.
- Student loan debts can only be used for expenses related to your education. Using your student loan debt to pay off previous debts or expenses not related to your education is prohibited and a violation of your student loan agreement.
- There is a very short time-frame available to being repaying student loan debt once you have completed your education. This short time-frame moves quickly so before returning to school make sure that your education will payoff financially.