Let’s call a spade a spade. The term “financial aid” as used by colleges and universities is way too benign. In most cases this term is code for “student debt”. And these educational loans come along with bad debt collectors that make the neighborhood loan shark look gentle.
This debt can never be discharged in bankruptcy and the US government is relentless in collecting on it. The government and its agents can use techniques like garnishing your wages even in states where others (banks) are not allowed this trick. How about a more descriptive term like “Education loans and grants”? A loan is more like a weight on your shoulders than “aid” – it may help in the short-term but it will kick you in the butt when you are struggling financially in later years.
How long do you think the banks would get away with calling their credit cards “Financial Aid Cards”?
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