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Debunking Education Myths

A lot is going on in politics today, especially with our 24/7 news cycle, and it can be hard to keep up with it all, even if that is all you do. There is so much news out there and it can be difficult to make sense of it all, especially when it comes to education.

When it comes to education, especially if you are just starting college or going to, there are many myths out there that can do more harm than good.

Of course, doing your own independent research into things is always appreciated. But, if you are pressed for time, like most high schoolers are, you need to know certain mistruths and misconceptions regarding things like loans, jobs, and more.

Myth #1: Student Loans are Easy to Pay Off.

First, student loans are not like regular loans, when it comes to discharging them via bankruptcy. Regular loans can be discharged. While student loans can be too, it is extremely difficult, as there is no law that specifically outlines whether a student is eligible to do so.

Here’s how it works:

Let’s say that you go to university and declare a biology major with the intent to go to medical school. However, you do not get into medical school. At that point in time, you realize that you want to return to school and major in something more valued by the economy, since biology majors are not, at least compared to other STEM fields like engineering or computer science. So, eventually, you graduate with another degree, but now you have a lot of debt and no clear way to pay it off.

You attempt to declare bankruptcy to try and restart your life without the impending doom of 100,000s of debt and go to bankruptcy court. The court is able to determine whether you are eligible to reduce your student loans by using the Brunner Test. The Brunner test will be implemented to see if having to pay off your debt will cause “undue hardship.” If it will, you may be able to reduce your loans.

This route can cause a lot of hardship and it is 100% preventable. Before you declare a major, determine the economic value of your major. If you wish to declare a major that you love, but it has a low economic value, think about double majoring or consider majoring in a field that the economy wants, while minoring in a field that you love. This way, you will be able to reduce the financial burden of student loans, if you ever need to apply for them.

Myth #2: Jobs are Everywhere.