The official unemployment rate in August is just barely under double digits but many experts believe that that number is a lot higher. There are people out there with reduced hours barely scraping by with the reduced incomes. Still there are others working only part times hours. And then there are those who are just plain old unemployed. Do you fall into any of these categories? Know someone who does?
The great escape
There is a growing number of unemployed workers finding a solution by borrowing money. Lots of it. They borrow money in the form of student loans. That’s right, people are finding school appealing again. With a very Spartan life style, it is very possible to live of off financial aid.
A willing lender
With the scholarships, grants, and loan combination available out there, it is now a viable option to form an existence based on borrowed money. It is very popular right now with the current administration to try to educate the masses and it is reflected in some of the financial aid awards.
An educated work force is a good investment, the president thinks. I am inclined to agree with him. And not just because we have received federal student loans either. Going to school is an investment in yourself and we all know what I think about that.
The debt
Someone will argue that taking out student loans will put yourself under a debt burden. But a debt burden incurred by someone who eventually becomes a neurosurgeon who makes 300,000 dollars a year to start can pay it off in very little time. Not everyone will make that kind of money of course but a simple calculation will show that a particular debt will not be too bad in the end if the degree earned with the student loan helps in landing a good paying job.
It’s up to you
Taking on tens of thousands of debt is not a decision to be made lightly but it definitely has its upside in this economy where people are going months without an income. It’s something to think about definitely.
Is this a dumb idea? If you are unemployed, how are you doing in your local job market?
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Can’t Get No (Job) Satisfaction « Minting Pennies – Personal Finance, Investing, and Microfinance on January 6, 2010
[...] same strategy can be used in becoming a CEO from a lowly clerk. The right steps like going back to school and getting more skill sets can definitely help in turning an idea into reality. Administer lots of [...]