"Paying off a huge student loan is like eating an elephant. It's going to take a long time, and after a while you're going to get sick of it."
"In the FoxBusiness story, Holland does recommend trying every other financial-aid option before considering a private student loan. Still, advising people on the smartest way to take out a private student loan is like discussing the safest way to inhale asbestos. "
"A student loan is like every other kind of debt in many ways, but there are subtle differences that make it more dangerous than most debt. It is important to really take the decision of getting a student loan with the same level of care that you would with a car loan or a mortgage. Is this something you really want to be paying for 10 years or more? "
"Your student loan is like herpes. It won't go away. You have it for life. "
"To use an analogy, getting a student loan is like entering the sand trap of an ant lion.
The ant lion digs a depression in the sand and waits at the bottom for unsuspecting ants. An ant enters the mouth of the depression and the further downward the ant travels, the greater his peril becomes.
When he is within range, the ant lion starts flinging sand at him to knock him down; the ant struggles to escape, but for most ants, it is already too late. "
"A student loan is like a noose around your neck. I pay off lots more than is required and yet I still can be awake at night worrying about it. I dont have well off parents to help pay it off nor would I expect them too - it is my debt. I would never recommend having one. "
"High school counselors should stop being shills for Sallie Mae. They should tell students that a student loan is like borrowing from the mafia-you have to pay it back even if your degree is worth as much as an expired 2-for-1 coupon at Taco Bell. In 4 years there aren't going to be too many jobs but there will be plenty of collection agencies going after student loan debt."
"A student loan is like a second mortgage, and similar in scale. Although interest rates are low at the moment, that is artificial unsustainable, and a feature of quantitative easing. Interest rates will rise, so mortgage payments will rise. Students can expect rising mortgage payments, when they buy a house, and a cumulative debt that could be beyond their ability to pay. "
"Blaming the bankruptcy process for declaring that the debtor cannot pay the student loan is like blaming the coroner for the death of the corpse," he said. "The process is merely designed to reveal whether the debtor's financial condition will permit repayment over time. If the debtor cannot pay, then society's interest is better served by acknowledging that this person's loan will be among the college loans that cannot be repaid."
"Student loan is like a protective umbrella for many, leaving you with no option other than opting for it, if you seek admission in college. It's very important to plan carefully and avoid borrowing as such much as possible. There is no point getting a degree and a job while getting drowned in debt, a problem many face today. You can try to get independence from future college debt by following certain strategies: "
""A student loan is like a bad marriage, a lot easier to get ino then it is to get out!"
"Federal student loans carry low interest, can be placed into deferment for a number of years, may be repaid on an income-sensitive basis, and will be forgiven if not repaid after 25 years. If grad school is part of your business investment, a federal student loan is like an awesome small-business loan. Private loans, however, offer very limited deferment periods, must be paid at a given monthly rate regardless of your income, and will never be discharged or forgiven even in the case of bankruptcy. If you can't afford grad school without a private loan, wait a year and try again for a better deal. If you can't afford your first-choice option without a private loan but you have a reputable and affordable second-choice option, take it. "
"Student loan is like borrowing money to do business. The debt that I will discourage everyone to take is that of borrowing to eat in a restaurant, buying clothes, taking a girlfriend out or offering gifts for Christmas and some important holidays. I have developed a principle not to buy if I don't have money. Fight by all means as an antelope in a trap or a bird in a cage to free yourself from debts. Plan your life like an ant. Rich people do not work for money; their money works for them as they plan in investments. We must have foresight in planning, be industrious in managing resources and economical in expenses. We must encourage surpluses but discourage deficits. "