We’ve all heard stories of students who borrowed money for school only to waste it in the worst of ways – the spring break trip to Mexico, new clothes, and fun nights at their favorite watering hole. This story plays out all across the country, leaving graduates owing more money than they can reasonably pay back, and with little to show for it.
Tom Drake of Canadian Finance Blog says he fell into the trap of believing that student loans were simply “free money,” and with disastrous results.
“It was very overwhelming, and after paying for the basics like tuition and textbooks, I started spending the rest in frivolous ways,” he says. “While all my friends loved my new car stereo, the money eventually ran out and I was left with bills to pay and the latter part of my college days were very tough financially.”
Tom Drake of Canadian Finance Blog says he fell into the trap of believing that student loans were simply “free money,” and with disastrous results.
“It was very overwhelming, and after paying for the basics like tuition and textbooks, I started spending the rest in frivolous ways,” he says. “While all my friends loved my new car stereo, the money eventually ran out and I was left with bills to pay and the latter part of my college days were very tough financially.”
