“More than 44 million Americans collectively owe over $1.3 million in student loans” (the best schools). Debt is continuing to increase as time goes by. If unable to pay off your student loan it will not just go away. “ 96% of college students are determined to finish college, only
46% feel they have the financial resources to stay in school.” Student loans are not the only way to go to college, but they are a good way to go into debt. Debt can overpower you, once you get into debt it is extremely hard to get out of.
There are multiple reasons on why getting a student loan makes it so easy to go into debt. For instance, if you get a student loan but never finish school then there goes your high paying job. The student loan will eventually have
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Another problem could be if you finish school but still do not get the high paying job you were going for. The student loan has not went anywhere it still has to be paid off. College is a great thing and can help you get a wonderful job but a student loan is not your only option. If you do go into debt do not rely on the lottery to make you wealthy, do not wait on something like that. In fact “the lottery will make me wealthy” rumor is nothing but a myth as Dave Ramsey explains in his show. So do not wait on a miracle.
Choose the smart way and do not choose student loans.
In addition to a student loan not being the only option, there are many more options out there and one of them being, scholarships. There are plenty of scholarships and opportunities
Foundations of Personal Finance High School Edition VITAL e-Learning Network which depend on your school life such as,sports, grades, volunteer service. These tasks take effort and motivation but it is definitely worth not having to pay off a loan. Another option would be work study. “ The Federal Work-Study program offers job opportunities to full-time and part-time students at thousands of schools across the country” (clark.com). Having this
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Therefore, scholarships is the goal to aim for, it is the best way to pay for college. For example, some schools all you need are a certain amount of volunteer hours and good grades and there are your two years paid for.
One could argue that student loans are not a bad thing as long as you pay them off, but I believe that it is better to not have to worry about paying off a loan. Eight out of every ten students who drop out of college say financial trouble was the main reason. Applying for a grant or scholarship is your best option for pay for college. This means you do not have to owe any money for loans. Getting a scholarship or grant is basically free money for college. Though the grants and scholarships will not pay for every little thing you need they will have your schooling covered. If you had taken out a student loan you would need to be making sure you have the money to pay what you owe and that is not including your housing and things such as that.
In conclusion, student loans are not the only option for paying for college. There are many other options such as grants, scholarships or even work study. Student loans can get you
Along with scholarships, fellowships, and grants, student loans are an important method of financing post-secondary education. With tuition costs rising, more students are borrowing to pay for college education today. However, not all students realize the burden of paying back their student loans. Many are defaulting.
In USA, student loan has become the second largest source of consumer debt, only after home mortgages. A research has revealed that, more than 7,500 borrowers having a debt of $164 million have applied for debt relief under a 1994 regulation. Finally, in June 2015, the US department of education promised to forgive the debts of the bankrupt students. There are generally a few primary programs, which might actually help you to get the Federal Student Loan Forgiveness.
The debt associated with higher education is one of the biggest factors of deterrence for most people who are interested in college, and it is not at all surprising. 71 % of college seniors who graduated last year had student loan debt, and the average debt for a college student with a four-year degree is $29,400.This number has gone up an average of 6 % each year. Keep in mind that this is just the average debt, and there are students who are in debt upwards of $30,000 dollars (projectonstudentdebt.org). Now in order to understand why the debt is so high it is best to break down the different costs of higher education. The first and most important of which is tuition.
Finally, so far the best ways to be able to pay off student loans are to either save up money up to the age of college preparation, find a degree that can pay well, and to find a college that can give you the best
Student loans are a trick to the mind and a trick to your wallet. When getting a student loan all the student thinks about is “Now I can afford to go to school”. The sad truth about that statement is that 90% of the people who get a student loan cannot afford school and they really can’t afford to pay the loan when they get out of school. David
By securing a student loan, a young person begins their career with debt that can sometimes equal thousands of dollars. In today’s job market, college students face a considerable amount of uncertainty after college. Depending on how much is borrowed for college, there may be financial hardships for the first few years after graduating from college, especially if a person is experiencing difficulty finding a job that pays enough money to cover the loan payment as well as other expenses. And, paying off loans can delay making other purchases such as a car or house. Unfortunately, missing a payment can result in defaulting on a student loan resulting in a poor credit score.
Many colleges in the the world can cost a great amount of money to attend. Without saving money or creating a college fund, a student will have a very difficult time to pay for college. Students that have not saved any money towards college, use student loans. Student loans can be helpful for some situations, but just
In our society the overwhelming student debt puts graduates in a position where they feel financially trapped. While attending Going to college, it is common for students to take out loans due to the increasing price of the tuition. These loans often weigh down graduates as they find jobs; they assume these jobs will easily pay off their debt over time, but this is not the case. According to U.S News, the average student loan debt coming out of college approaches $30,000. The average income of one quarter of students who graduate is $40,000.
Loans are the easiest way to get money in college, but loans must be paid back in full plus interest over time. Anyone can apply and be given loans but in order to pay these loans back it takes time, and you initially end up paying more than what you applied for due to interest rates and payment
Young People Don’t Expect It Anytime Soon. Only about 30% of people pay back their student loans and According to Project Student Debt “71% of college graduates finish school with student loan debt and the average goes up 6% each year. How can you be financially dependent with debt? Student loans show up as regular
Having a job and going to college can be very difficult due to not having any time to study and do homework.
You do not need student loans to attend college. They have other options for you to pay for college such as grants, scholarships, or financial aid. These will help cut the cost but you don’t have to pay them back. You could also work to pay for college as you go, called cash-flow. This is a way to pay of college as you go through it so that you don’t have to pay a loan off later.
but it's not always what it seems. Luckily today students can apply for scholarships to help pay for college. But statistics say only .3% of students will get a full ride scholarship for college and “every 10 scholarships a student applies for, they'll receive 1 award for.” Even work-study programs can also help but with so many students on campus and so little job opportunities it’s not fully possible to give everyone a job on their school campus. Then there's the third option joining the military.
Mentally I was ready to go to college, but financially I wasn't. I had in mind taking out a loan, but I didn't know the first thing about student loans and how loans worked. First, I decided to go out of my comfort zone and ask for help. Luckily, I found a way to proceed my dream of attending college education without the need of a loan I came across a well-informed individual who helped me get information about financial aid. FAFSA is a great alternative for students who have parents with low-income households.
The Big Help: Students Loan What comes to your mind when you hear the word college? Maybe you think of beer? Pizza? Late-night party or maybe getting high grades? Whatever it is, you should focused less on college itself and more on what it can do for your future occupation but what often comes as an reconsideration is the price and how you will pay for it because college is expensive.