Mark wants to be a web designer. He recently found out that a local company is providing a certification program in web design. The program is free and if he
does well, the company will offer an entry-level position upon completion. Mark
likes the idea of hands-on learning and has never been excited about college.
He would rather avoid having to sit through the basic freshman and sophomore
college classes and go directly into doing what he loves. This opportunity will
allow him to do just that. The only problem is that his parents think that a four-
year college education is the only way to secure a good income. Are his parents
right? Explain what you think Mark should do in this situation.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan