Another compelling reason to apply for scholarships is that student loans are NOT automatically discharged in bankruptcy. So, the moral of this message is don't rely on student loans to get you through college.
I know a gentleman, who has a daughter in college and a son in high school, whose student loans were $50,000 when he finished his master's degree over 25 years ago. Now with interest charges compounding on a regular basis, the loan is $70,000. He has a bachelor's degree and a master's from two very prestigious colleges, but his financial situation is bordering on bankruptcy. He is stuck. The $70,000 is not going away. If anything, it will grow bigger.
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