With the admission in an MBA program, the question of loan and debt is imperative for any MBA student. Paradoxically, if you are denied a loan, chances are that the lending company behaved like a responsible lender and did so in the interests of several parties – the student, the loan company for education, and the economy in general.
But somehow, after the tough process of B-school admission, loan providers for students do keep things simple and approve the entire loan you requested. This question strikes with full might when we are all overburdened with a huge amount of debt afterward.
The loan debt crisis for MBA was in the spotlight for a while. The reason behind the crisis is that many lenders, from both private and the government, simply aren’t responsible while lending. Students are allowed to take on tens of thousands (and sometimes hundreds of thousands) of debt, with no real evidence that they will be able to repay after graduation.
Ironically this benefits neither the lender nor the student who is the borrower.
What Can be done to Overcome Debt Crisis?
- Lenders should be more responsible. The term ‘responsible lending’ implies here that they should adhere to policies and practices that surpass profit maximization.
- The amounts of student loans should be limited and should be based on their degree of choice and their ability to repay the loan.
- While dealing with overpriced student debt you have to change your approach about your debt and reorganize it. You have to make your loan payments in one of the most priority debts that you first pay each month. You can concentrate on other debts by filing bankruptcy if required.
- You can find a local bankruptcy lawyer and talk to them for free on your specific situation. First get the facts to make a knowledgeable and erudite choice if bankruptcy is right for you.
- Change in your state of mind is crucial in such context. You have to stop thinking of your debt as an emotional responsibility and start thinking of it as a corporate need.
- Probably the good news is if you owe on student loan debt supported by the government, then you’ll have options to deal with them.
There are certainly some responsible lenders out there. MBA students need to strive hard to maximize their class performance with online assignment writing services that also provide online academic help , as only this way they can land the perfect job that will accelerate the repayment of their loan debt.