Many students are taking on student loans to pursue careers in fields they have no intention of ever working in, leaving themselves with a mountain of debt they cannot pay back upon graduation. This can have long-term, and often costly, consequences that can follow them for years.
The biggest consequence of taking on student loans for a career that one intends to never pursue is that they will be left with a large debt they cannot pay back. In many cases, the debt can range into the tens of thousands of dollars. This debt will then accrue interest over the years, resulting in an even higher balance that needs to be paid off.
This debt can follow someone for years and even decades, as it will remain on their credit report until it is paid off. This can make it difficult for the person to obtain other types of credit in the future, such as a car loan or a mortgage. It can also affect their ability to get certain jobs as employers may run a credit check before offering a job.
Another consequence of taking on unnecessary student debt is that the person can become overwhelmed by the amount of money they owe. This can lead to feelings of stress, anxiety, and depression. It can also cause the person to become financially insecure, making it difficult for them to save and plan for future goals.
While taking on student loans can be a great way to pursue a career, it is important to take on debt only if one is sure they can pay it back. It is also important to research career paths and make sure they are relevant to one’s skills and interests. Taking on student debt can be a helpful tool, but it should be used with caution.