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MBA Student Loans – beware!

Mint.com has an excellent article on student loans. It highlights a few WSJ articles on this subject too.

The key take away is that student loans have now surpassed credit card loans. So please manage them just like you would any other debt. Mint.com has a few suggestions. Go to a college you can afford! Take the core classes from a community college and transfer credits go to a brand name college for the later part. What was shocking (and I too did not know this) was that these loans have some ugly fine print. Heavy fine print for missing payments, nuisance calls from debt collectors, etc. What is appalling is that these student loans live on even after a student dies. The co-signers need to pay the loan off! You cant even get this debt off in bankruptcy!!

Read this article. Its worth it. Take the news out and tell your friends about it.

Here is an additional tip from us as MBA tutors who can assist you with business plans. Just like you would write a business plan when you think about starting a new business, write up a plan for your MBA idea. Consider the total cost of getting an MBA at the schools of your choice. Make sure you try the full time ones, part time, distance eduction, local colleges, top tier, etc. Compare the cost and the payoffs, expected salaries, how you will finance them, etc. Treat it like a business decision not an emotional one.