An online article recommends that you should never borrow more for college than the amount you expect to earn as your yearly salary. The example given is that if you expect to earn $50,000 yearly and have a loan of $50,000, you can pay it off in ten years paying 10%, or $5,000 of your yearly income. 

Assuming that your loan interest rate is 6.8%, what is terribly wrong with this example?

Answer rating: 100% (QA)

The example provided in the online article has a major flaw in assuming that the interest on the loa... View the full answer