Many people consider student loans to be "good debt," because they enable you to get the education for a better-paying career, theoretically making it worth going into debt.  However, Michelle Singletary of The Washington Post contests this view, begging college students and their parents to learn about student loans before taking the plunge.

It’s not a bad idea.  Most colleges have financial aid offices, where they will help students and prospective students find funding in order to attend.  For instance, Brown Career College and Gibbs College Vienna both advertise that they assist students in securing financial aid, which often means student loans — not just grants and scholarships.  And schools with business administration programs and other professional degrees often point out that the increased earning potential makes the debt worthwhile.

I’m definitely not debating the need for a college education.  All of these schools and/or programs are great choices, and will increase a student’s chances for success, both financial and otherwise.  However, I think Ms. Singletary is correct when she advises choosing a school that you can afford, and cutting costs whenever possible.  For instance, if you don’t really need a place of your own, continue living with Mom and Dad so that you can pay for more of your tuition on your own, and borrow less — there’s no shame in being smart with your money.  You’ll get the last laugh years down the road when your peers are still paying off their student loans and you’re debt free.

Technorati Tags: Washington Post, Michelle Singletary, student loans, good debt, financial aid, Brown Career College, Gibbs College Vienna, business administration programs, professional degrees, college education