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The Truth About Student Loans And College Debt
Student loans have become responsible for leaving many graduates owing tens of thousands of dollars of debt upon graduation. The future of today’s young adults has been borrowed away. Instead of saving for a new home, starting a family, or even just relocating to find better work, Generation X, Y, and Z young adults are finding that they have to pay back money for degrees that have not lived up to the promise of a better tomorrow.
Do not take borrow more than you can pay off in one year, without a degree.
Your student loans should not equal more than what you can pay off in one year of working without a degree. Why? A large percentage of students never complete their education for a variety of reasons – family issues, financial problems, poor grades. Students have a tendency to change majors, which means that you may think you will be a successful surgeon until you take your first lab and discover you hate the sight of blood. Be smart and prepare for all possible outcomes. With today’s roller coaster economy, there is no guarantee that your biology degree will land you more than a retail job at the local pet store.
Student loans are NOT free money.
Many students assume tens of thousands of dollars in student load debt under the assumption that they will be able to make good money upon graduation. Unfortunately, in today’s slow economy, degree-holders are finding themselves working side-by-side for minimum wage with those who have not even earned their GED. Six months after graduation, the loan payments begin, and new graduates find that they have to make tough economic choices. Student loan money is not free money. While the interest rate is generally lower on student loans than on most other types of debt, the amount of money available is staggering. Just because you have $40,000 available to borrow does not mean that you should borrow that amount. You would not max out your credit card just because you have a limit of $40,000. Do not make the same mistake here.
Take college courses in high school.
If you are still in high school, take advantage of A.P. classes and dual enrollment. While these classes are much harder than typical high school fare, they can save you hundreds of dollars in college credits.
Reconsider community college.
At most universities, the first two years consists of taking basic courses in English/Literature, Mathematics, History, Philosophy, etc. Specialization does not occur until your third year of college. Community colleges provide these basic courses, and some advanced courses, at a more affordable cost. You can also save money by saving on room and board if you stay with your parents an additional year or two.
Stay in State
Finally, you can save yourself thousands of dollars a year by attending a state university. Out-of-state tuition involves the worst of price gauging, and you may find yourself paying twice or even three times the amount for the same education that state residents receive.
Plus, you have the added expenses of paying for room and board, which often equals tuition costs. If you do opt to go to school out-of-state, find the university’s rules about in-state requirements, and apply for in-state tuition after your first year of study.
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