“You have horrible credit” are the words nobody wants to hear. To be in a good financial state is a crucial aspect in everyone’s life especially in their college years. Sure, college is the time in which there are no rules, but too much freedom can imprison anyone into a deep slump in their financial life. Throughout college many students charge on credit cards to attain a worthy credit score but can this be a good thing or a bad thing? Both! College students seem to go with their instinct and what they want in that moment of time instead of later which can become a dreadful obsession. When this happens, credit scores and financial status start spiraling downward. Thus, establishing and maintaining good financial credit during college years is important when assembling a life after college.
First of all, having bad credit will destroy the chances of buying a car. To buy a car, it will be hard to demand a secure loan or down payment when bad credit is an issue. Instead of paying a low interest rate on the car, while having good credit, it will be a higher interest rate while having ...
“The Good, the Bad and the Ugly of Student Loans” references many great points that recent college graduates or futures college graduates should follow. These include paying student loans fully and on time, as well as consideration of refinancing. The article’s main purpose is to help college graduates prepare to pay off their student loans carefully and correctly. It chooses to focus on the good points of paying off student loans, giving hope to those who may be worried about paying them off.
As a child I did not know a lot about college. None of the adults in my life had been to College, my family did not talk about it, and it seemed like a distant land that I heard about only in movies and on Television. I was first introduced to college when my third grade class took a field trip to Iowa State University, clearly a much needed field trip considering my lack of exposure to higher education. I was immediately amazed by the grand architecture and massive buildings. I had never seen anything like a University campus before. The few things that I remember about the trip were that everything was big, the college students played with us, and we got to swim in the pool. While the larger purpose of the field trip may have been lost to my childhood excitement of getting to swim in a big pool, the field trip did mark the beginning of my knowledge of higher education and from then on I always viewed it as something that I would be a part of eventually, even if it did seem like a very distant future at age eight. As I grew older I developed other reasons for wanting to attend colle...
Most people today accept the debt that comes from college. Students consider student loan debt as a “good debt.” They see other students make this mistake but follow their path anyway. Nearly 80% of college-bound students have not projected the total amount of money they will need to graduate college.
A global citizen is that who is willing to use its voice and knowledge to make a change. No one would ever be able to make a change in just one day, it is something that takes time and devotion. I’m really interested in diversity and I’m seeking to what is my role is as a world citizen. The fact that I’m searching for an international education is the proof of my desire to establish myself as a global citizen and my interest in the world issues.
For many years now, advocates for giving out scholarships based only on financial need have been pushing to remove special abilities from the criteria to award the money. This proposed system is already in use in the form of financial aid. Scholarships were created to reward individuals who exhibited talent that would benefit the college. Therefore, the basis for giving scholarships should consist equally of scholastic achievement, athletic ability, and need. Scholarships are in place to reward special talents. They should remain separate from financial aid where the only determining factor is need.
Kovak, Marc. “Survey suggests credit card companies unfairly target college students.” 31 March 2013. ProQuest. Mira Costa College Library, San Elijo. 15 Oct. 2014.
When starting college every student must make a very important decision. Whether if they want to get financial aid or to pay the money up front. Having college debt will not only ruin their credit, but he or she may also have to pay off their tuition for the rest of their life. Research says, “According to the College Board, which tracks students’ financing of higher education, undergraduate students in 2013 through 2014 borrowed in the aggregate nearly $63 billion and received $33.7 billion in Pell grants.” By this quote from “Debt, Merit, and Equity in Higher Education Access” it clearly shows the effects College Debt has on their society, but also on their educational future. Every paycheck they receive, a small portion goes toward paying
In the context of how the system works, the only conclusion to accurately draw is that the odds are effectively stacked up against the college student of average means, especially considering the rise of lending organizations like Sallie Mae and the fall of Consumer protections (Collinge 4-5). Since the advent of the GI Bill and the understanding of the common virtue of education in the post-WWII era of the U.S. the message behind the collegiate experience has gone full circle. Since the 1970’s, with the continual amendments to the Higher Education act, lending companies have only become more powerful, enacting “draconian collection” strategies while simultaneously subtracting seemingly all consumer protections including bankruptcy protections, statues of limitations and refinancing rights (Collinge 4.) All of these factors make the modern student loan complex “an inescapable and profitable...
career field because of their debt” (Life Delayed: The Impact of Student Debt on the Daily Lives of Young Americans). Additionally, even if a college graduate made the decision to make a large purchase, such as a house, “the mounting rate of default on student loans is hurting young people’s credit ratings – and making it much harder for them to buy a home or condominium” (5 alarming facts about America's $1.3 trillion in student loan debt). As a result, student loan debt not only hinders the lives of borrowers, but it also affects the economy. “If student loan borrowers continue to sit on the sidelines and delay diving into economic commitments, the perilous position of the U.S. economy will continue to plod cautiously along rather than prosper with the help of a new generation of well-educated consumers” (Life Delayed:
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.
Potential problems caused by lousy credit history can bite hard. They include: dropping out of college, physical and emotional health problems, family conflicts, bankruptcy, job rejections due to bad credit, loan denials, inability to rent apartments, graduate school rejections, and even suicide (Manning, 160). About 3 – 4 percent of college students suffer from serious credit problems (Manning, 160). While this number may seem small, that translates into 304 students just at HSU alone (4% of 7611 total students). College campuses make fertile feeding grounds for predatory marketing strategies. College is a time of self-discovery, when many students are enjoying their first real tastes of independence away from the home. For many, obtaining that first credit card is a natural step in establishing financial sovereignty. The fact of the matter however, is that college kids are also more prone to naivety with credit cards, which often hide the true costs of buying on credit.
Having a good credit score is important for a person future because it can help them buy a house, a car or apply for credit cards. In the United States, if a person does not have a good credit score they will not be able to make their dreams real. Unless you win the lottery, which in the case they will not need to worry about their credit. According to the speaker, the better credit score a person have the better opportunity in life they will have because banks or financial institutes will look at each person credit to see if they will approve them for a loan. A good website to use is Credit Karma because it gives the person their credit score information for free. People should know how to manage their credit and to pay their bills on
Credit plays a significant role when it comes to consumer spending, but can have a significant impact if misused. It doesn’t take much for consumers to get in over their head with the overuse of credit, credit debt can quickly mount if left unchecked. According to Stinson (2016), “The road to a credit card debt pileup is often paved with spending that seemed like a good idea at the time. But too many well-intended moves can lead you into a financial ditch and ruin your credit” (Stinson,
There are many good athletes in professional sports today. There are many good athletes in college sports today also. Some of the biggest names in sports are Mark McGwire, Steve Young, Michael Jordan, Allen Iverson, and so on. Now, imagine if all of those players never made it to the pros. What would happen to professional sports? Why are they in the pros now? To make it into professional sports you need more than just talent. You need opportunity. College scholarships not only give athletes the opportunity to reach the professional ranks, but also give the chance for many players to earn a degree in higher education.
The lack of knowledge plays a big part in the debt young people are getting themselves into. Credit cards are often offered to young adults as soon as they get out of high school. Many take advantage of having a credit card without even thinking about the responsibilities that come with it, instead they think about the things they will be able to buy. In “Generation Debt” the author Tamara Draut says that young people are getting into debt younger than ever before. Two of the reasons that are more costly on young students that hit hard on the budget are car repairs, and travel for students who have families and friends in other states (231). From my experience I know first-hand what it was like to be offered credit cards right out of high school, and I didn’t hesitate to get any of them. I st...