College Students Debt

Most students are unaware of the debt they are accumulating or the money they are spending, until they have so much debt that they will never be able to pay it off. For a lot of students who don’t have real knowledge of debt they think it is something that they don’t have to worry about or think that it will pay for itself. A lot of college students do not understand debt or the consequences of their debt. They take on massive amounts of debt and they don’t think of the consequences and end up having so much debt that it will take them almost their entire lives to pay off their student loans. Most of it is because students do not understand debt or how to handle their money properly. Chan, et al. writes, “Students who believe they have the ability to engage in …show more content…
How can students get the financial knowledge that they need to make wise decisions concerning money and debt? One way would be to teach them how to handle their money in the right ways. We could do that by having classes in college and high school, that are purely about staying out of debt and properly managing money. That would help to give people financial knowledge and help them manage their money in the right ways. Block writes in an article about ways a college student can avoid debt. She says that students need to take federal loans first, because they let you set a payment plan and they also will let you hold payments for a short time if you cannot pay (56). Federal loans are a great way to help pay for college if students need to take out a loan. They offer flexibility and will work with students to help them pay for their loans, where most loans will not. However, most students do not know that, because no one has told them about it. If we taught classes on student loans and how to handle finances, College students would make smarter financial decisions and hopefully avoid going into