Elijah has an opportunity to study abroad, but this will cost $5000 more than his regular college tuition. He wants to have a career in international finance when he graduates, so this opportunity will be particularly valuable for his career. His parents encourage him to go and tell him that they will help pay back the loan next year when they are done paying his brother's college tuition. Is this a good use of credit?
Yes, this could be a good use of credit if Elijah believes that studying abroad will significantly benefit his future career in international finance. The loan could be seen as an investment in his future earning potential and skill development. Additionally, the fact that his parents are willing to help pay back the loan next year shows a level of support and commitment to his education and career goals. However, it is important for Elijah to carefully consider the terms of the loan and his ability to repay it in the future.
