To Take Out an Personal Student Loan or Not

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News about student debt from the student's personal loans is about as common these days as the weekly job report. And many people are starting to look at the borrowing world in new light, asking if it's smart to go back to school and get educated or if it's smarter to just weather the storm. Most people will gladly tell you an education holds no price tag - it's worth it, go for it, etc. etc.

But is it really?

As the economy took a nose dive, the cost of college has crept up at an alarming rate. From the rise in cost of living to the rise in the cost of books, everything is more expensive. State funding has plummeted and to an all time low and personal loans are harder and harder to get. The federal government's personal student loans are the best bet for most students, but even those are at risk of higher interest rates if congress doesn't act soon.

All college kids are hearing about is how around 50 percent of their peer group graduate only to find themselves in massive debt without a full time job - no benefits, working outside their field at three different jobs doing random work to barely pay off the interest on their personal loans from college. It's the same old story everyone's heard the past two years. Student takes on personal loans to pay for an education with the end goal of working in a field they desire. Student leaves college with massive debt in personal loans. Student can't get hired on full time or can't find a job within their field. And the interest tidal wave begins.

I've heard of students with subsidized loans that continue to take classes on the side of their part time jobs to defer the collection of debt on their personal loans. And I've heard of graduates paying off their loans well into their 30's.

So, as a prospective student, do you take the chance at trying to get an education and a job post-college after collecting personal loans all along the way? Or do you just bite the bullet with the situation your in now? The choice is a tough one. But it's yours to make, in the end.

Sometimes, we don't have a choice. Whether 18 or 48, the jobs available might not be the jobs we actually qualify for. But before signing the dotted line on massive personal loans for school, look into the desired job field you want to be in - not just one to make money. Learn about it, engulf yourself in it. And if by the end of the day you're still not qualified for it, get a college degree as a last resort.