Wednesday, May 09, 2007

Financing a Dream: Part I

Not all splendid opportunities are seized. But many not-so-splendid ones are.

Take college loans. On the surface, a loan seems like a reasonable solution to the problem of not having enough money to pay for an education. Millions of Americans go that route every year.

But is it always wise?

As Kim Severson reports yesterday in The Times, borrowing cash to go to culinary school can be a recipe for disaster. In other words, culinary schools cost a great deal of money, but very few graduates end up as high-paid chefs. (Click here to read the article.)

On the other hand, if one uses that same cash to go to business school, the odds are much greater that one will be able to repay the debt and recoup the investment.

Which brings me to an important point about financing dreams: If you don’t have the necessary funds, be smart. Do your homework.

Does this mean only rich people should attend culinary school?

Of course not.

But if you're strapped for cash, you might consider enrolling in a community college program rather than a brand-name one.

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