A young man borrowed $40,000 to take a one-year course from an automotive repair school.
His parents encouraged him to do this. They told him he could earn $0 an hour after he graduated. He makes $13.50 an hour.
Then he got married. Then fathered two kids. He borrows to pay for rent.
His grandmother complained about this in a local newspaper. “How long can he keep doing this? I don’t see an end to this when he is saddled with so much debt.”
Neither do I.
What have we learned, class?
1. Some parents are naive.
2. Some students are financially stupid.
3. Some people never learn. Borrowing for rent?
These people are targets of schools that charge $40,000 a year to teach skills that could be leaned on the job from a local mechanic.
When will it end? Not anytime soon.