In the Context of Investments in Human Capital, Perfect Capital

In the context of investments in human capital, perfect capital markets imply all of the following, except that:

A) An individual considering an investment in human capital does not have to be concerned with the timing of expenditures.
B) An individual faces no liquidity constraints as they can borrow against expected future income.
C) An individual can base his/her human capital decision on total lifetime income.
D) An individual makes an investment decision based on his/her current income.
E) An individual considering an investment in human capital does not have to be concerned with the timing of income.