Just a week or so ago, the United States House of Representatives increased the amount available to college students via government-funded student loans.

This is both good news and bad news.  The good news is that college students are able to qualify for more financial aid.  That’s great for students who go to schools that offer help securing financial aid, such as Briarcliffe College Bethpage, IADT Sacramento, and these Detroit graphic design programs.  With college tuition costs on the rise, most people can’t afford to pay for their degree up front, yet a college education is necessary for most professional careers.  Student loans enable people to get their education now and defer the payments until they get into their career, so the more money students can borrow per semester, the better.

The flip side, unfortunately, is that students can get themselves more into debt now than ever before.  It seems our entire system is geared to help college students amass debt that they’ll be paying for over the rest of their lives: Credit card companies prey on college students, often setting up shop at orientation and other college events — and now students can also get more money via loans than ever before.

Things like this demonstrate the importance of teaching kids and teens about being responsible with their money.  Teach your kids how to decide when to stop borrowing and how to determine whether something is worth the price you pay for it even if you don’t have to pay that price right away.

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