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The Water Cooler
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Teaching your kids financial responsibility
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<blockquote data-quote="donner" data-source="post: 2771819" data-attributes="member: 277"><p>Agreed, this. Credit and loans are only bad if you let yourself get into trouble. </p><p></p><p>Also, i disagree that students loans are bad per se. There are very real needs for them and the vast majority are used without penalty each year. The problems come in when they are used to <em>pay</em> for school, rather than <strong>assist in paying</strong> for school. By that i mean that having a realistic understanding of how much a loan will cost over time and how much that cost will burden you is part of being good with money (and really isn't much different than a home loan). </p><p></p><p>I had a roommate who took a low-paying internship one summer in college. He used a student loan to offset money he would have made to pay for the upcoming semester. But he was smart and realized that the loan amount was manageable and that his internship would put him in a better position to get a job after graduation (which it did).</p><p></p><p>My other roommate took out loans to pay for school and the promptly got caught up in 'college' and failed out of school. He is saddled with a good amount of debt and worse prospects for repaying it. </p><p></p><p>The loan is a tool and can be used correctly or incorrectly.</p></blockquote><p></p>
[QUOTE="donner, post: 2771819, member: 277"] Agreed, this. Credit and loans are only bad if you let yourself get into trouble. Also, i disagree that students loans are bad per se. There are very real needs for them and the vast majority are used without penalty each year. The problems come in when they are used to [I]pay[/I] for school, rather than [B]assist in paying[/B] for school. By that i mean that having a realistic understanding of how much a loan will cost over time and how much that cost will burden you is part of being good with money (and really isn't much different than a home loan). I had a roommate who took a low-paying internship one summer in college. He used a student loan to offset money he would have made to pay for the upcoming semester. But he was smart and realized that the loan amount was manageable and that his internship would put him in a better position to get a job after graduation (which it did). My other roommate took out loans to pay for school and the promptly got caught up in 'college' and failed out of school. He is saddled with a good amount of debt and worse prospects for repaying it. The loan is a tool and can be used correctly or incorrectly. [/QUOTE]
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