An Investigation Finds That Millions of Students Are Taking on Dangerous BNPL Debt

[LevelUP]

Millions of student-loan borrowers are being driven toward 'dangerous' BNPL debt for a for-profit education, investigation finds
https://www.msn.com/en-us/money/careersa...ar-AAUyG8r

What do you all think about these types of loans?

[Vle045]

All I can say is that it’s crazy! I went to one of the lowest cost state schools. (We didn’t have community colleges anywhere near us). It took me about 20 years just to pay that off. I can’t imagine what it would be like if I had taken out a bigger loan. I didn’t choose a high paying career path.

[bjcheung77]

"Buy Now, Pay Later" is exactly what most "slick deals" members do... haha, because it's easy to just charge it on a credit card (or a portion of it for tuition and such). It's really interesting how people don't priority what is really needed in their spending before they spend money on things they can't afford. I would get people to stick with the public/state college system first before jumping into any expensive private colleges or whatever... they really need to have a budget/job and savings planned out all beforehand.

[ss20ts]

"Buy Now, Pay Later" is exactly what most "slick deals" members do... haha, because it's easy to just charge it on a credit card (or a portion of it for tuition and such).  It's really interesting how people don't priority what is really needed in their spending before they spend money on things they can't afford.  I would get people to stick with the public/state college system first before jumping into any expensive private colleges or whatever... they really need to have a budget/job and savings planned out all beforehand.

That sounds great but everyone doesn't live anywhere near a state college. State colleges aren't always cheaper than private schools either. Our state system charges a ton of fees on top of tuition. The closest state college campus to me is about an hour and a half away in good weather. That's not a realistic commute for anyone. Many for profit schools have lots of campuses or a lot of online programs. Quite often they have far more online programs than many state colleges.

[rachel83az]

The closest state school to me was Arizona State University. There is also University of Arizona and Northern Arizona University. None of these are cheap options. Very good schools, not cheap. It probably would've been cheaper for me to attend a mid-tier private school in another state instead of an Arizona school.

At one point, I seriously considered teaching for a few years (I forget the required minimum) because there is (or was) a program to pay off/forgive student loans for students who commit to teaching in disadvantaged school districts for a certain number of years. I think it's either 3 or 5 years. If you play your cards right, it's a good way to get an expensive degree for essentially nothing. When I looked, I think there was further incentive if you got a STEM degree in something like, Math or Computer Science, instead of a Humanities degree, like History or English.