Do you have any advice for students shopping for a personal loan?
“Be realistic. Make sure you understand the terms of the loan and have calculated your expected loan payment,” says James M. Johannes, a professor emeritus at the Wisconsin School of Business. “Recognize that these scheduled debt payments will in almost all cases severely and adversely impact your ability to borrow to fund a car, house, etc. after you graduate until the loan is repaid. Be patient! Recognize that life is a journey, and you might have to live frugally until the loans are repaid.”