Mormons are often told not to get into debt. But we are also told that two types of debt can often be justified: a sensible mortgage and student loans. Well, as in everything else, every kind of debt can be a millstone. Check out the story of this woman who ended up with $550,000 in student loans. She’s a doctor in her 40s. She will be paying off the debt into her Seventies. Meanwhile, her credit rating has been destroyed.
It’s tough to take any generic lesson from this story. Should you not go to medical school? Obviously not. Should you never take out a loan? No. Perhaps the only lesson is what modern-day prophets have been telling us repeatedly, which is to be extremely careful about debt.