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The students of for-profit schools end up taking on a big burden of debt. According to a study done by the Department of Education about 13% of their students that earn higher education degrees represent about 31% of all student loan borrowers and about half of those the default on student loans.
If you default on a student loan the consequences can be severe. Your entire unpaid balance and any interest would be immediately due. You would lose your eligibility for forbearance, deferment, and repayment plans and for any additional federal student aid. Your delinquency would be reported to the credit bureaus, which would damage your credit rating. In turn, this would affect your ability to buy a house, a car or even get a credit card. Your state and federal taxes could be withheld through what's called a tax offset. This is a shorthand way of saying that the IRS could take your federal and state tax refund to collect on your defaulted debt. The amount of your debt will increase due to the late fees, court costs, collection fees, additional interest, attorney's fees and any other costs associated with the collection process. And last but not certainly least your account could be assigned to a collection agency, which could then garnish your wages. If you do not do something about it, you could end up compromising your financial future. While there are debt relief options like debt consolidation that can make payments easier, it has to be said that you do not have to put yourself in this situation in the first place.
The bottom line
Since according to this study there is no significant difference in generating employer interest between those that have community college degrees and those that went to for-profit schools, here’s the bottom line: Go to a community college. You could get the schooling you need at a fraction of the cost of attending a for-profit school and your job outlook will be just as good. You might even do as many adult learners have done and that’s choose a community college offers occupation-oriented degrees. These are what are called associate degrees and their purpose is to help students acquire specific skills and knowledge in preparation for a particular career path. The degrees typically offered by community colleges include Associate of Applied Science (AAS), Associate of Applied Arts (AAA), Associate of Occupational Studies (AOS) and Associate of Applied Technology (AAT).
Finally, you could choose a trade or vocational school where you would be taught skills specific to a certain job. This could include anything from film and video production to nursing assistant or from floral design to ASE certification. Most of these vocational schools have very reasonable tuition rates and offer some form of financial aid. Plus when you complete your studies you are almost guaranteed a job – unlike those that graduate from one of the for-profit schools where it’s quite possible they won’t be able to find a job in their field of study.
Finally, here's a short video that could help you decide whether or not to choose a vocational school.