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|User Info||We Can't Do Anything About.....; entered at 2017-08-05 18:54:00|
There is not ONE person in 1,000 at the age of 18 who can rationally evaluate the RISK in a 4+ year commitment, and IF you borrow the money, no matter how, and then blow out of school whether through fault of your own or not you are utterly and completely ****ED.
That is 100% true not only of 18 year olds but for the vast majority of the adult population at all ages. A lot of that is due to how the finance industry has "educated" them. Take for example the 30 year home loan. No one ever mentions how that assumes that you will go 30 freaking years with no serious illnesses, work slowdowns, or job losses. People just don't see risk correctly.
Like my neighbor the bank president told me when I was a young teenager and visiting his daughters , if you can't pay for it in 15 years or less you can't afford it.
We have financialized every thing and the day of reckoning approaches.