Student Loan is not a Scam, it is Plain Robbery!

Why you should never take a loan to go to school

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Photo by Ruth Enyedi on Unsplash
  1. It encourages people to maximize their time to make the most money to quickly repay the debt they owe
  2. Gives a lazy chance and opportunity for someone who doesn’t have the money to attend school
  3. Reduces the number of the unschooled and readily provides skilled labor for the society

Do you want to be a slave all your life?

The borrower is a servant to the lender. If you take a loan to go to school, the best part of your life will be spent as a slave to the system. Slavery in the modern world is not by chains and hooks, rather it is through debt. And student loan is the worst kind of debt in the history of mankind. Let me explain.

  1. If you get a full scholarship
  2. If you get a half scholarship and your parents or guardians can afford to pay the rest of it
  3. If you have an income (from a job or investment) that can pay for the school
  4. If the fees are subsidized and you (or your folks) can afford to pay the leftover
  5. If someone with a collateral takes a loan (which there is income to repay) and then uses the loan to pay for your schooling

What is more important to you; a good job plus a nice house and nice car or physical, mental and emotional freedom?

The interesting thing is this. Everything going to school offers to bring you is very uncertain. The probability of you getting the life what you expect after school is less than 80% (some would even argue less than 50%). And let’s say you are part of the lucky ones, the probability of nothing going wrong in 7 years is less than 10%. Why would you want to bet on these uncertainties? Why would you take a chance on the hope that life will be rosy after school?

Do you want to suffer now and enjoy later or you want to just relax and take the lazy way now and pay for it later?

Here is the other side of it; is school really that necessary? Are you living on purpose or you are just wandering aimlessly in life? Is your life defined to you or you are looking for affirmation? Let no man deceive you, life is not simple. Life is not direct. There are no automatic buttons anywhere. School is definitely not an automatic button for anything. It’s a good desire to want to go to school, but don’t be enslaved because of it.

  1. Exchanging time for money is slavery. The major reason why people hate their jobs and can’t quit today is that they have a debt hanging down their neck. If you like what you do and earn on it, that’s great. But if you find your job choking, you should be able to quit. If you can’t quit, you are in a prison. You can make a lot of money doing what you find fulfilling.
  2. If you don’t have the money to go to school, you can always find out how to get the money. It might entail getting a job, saving, and making smart investments. It might be going to learn a course you can afford, and navigate your way from there. There are myriads of ways to go to school without student loans
  3. The problem of the society is not the lack of schooling but the lack of education. They seem similar but they are not the same. School impresses a mental knowledge, education transforms and cultures a person. Education can be experienced in several ways outside of the walls of a formal school. Also, knowledge impacted by passionate people goes a long way to educate much more than ideas induced by a school system. There are books that a person can read and be educated, however, going to school does not automatically guarantee that education.

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Inspiring and educating people about money, entrepreneurship, investing, and mindset. | For writers → amazon.com/dp/B08P2F2BPH | Others → davidolarinoye.com

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