After graduating high school deciding where to go for college, what to do with your life, and how to pay for college can be exasperating. Right now, about 44 million Americans have student loan debt. The average individual student will owe about one hundred thousand dollars for a bachelor’s degree; together, Americans owe 1.4 trillion dollars. Do you really want to add another hundred thousand to that? If you start saving now, apply for grants and scholarships, and even get a part time job, you can follow Dave Ramsey’s advice and graduate college debt free.
If your savings begin to grow now, you are already getting ahead of most students. A lot of people walk into college loan offices and are granted a full ride with just a signature, but that …show more content…
This means you can be paying upwards of a thousand dollars per year in interest rates. The cost of your education may vanish once you graduate, but the interest rate will continue to add more and more debt onto you as you attempt to pay it off. This smothering feeling can add unneeded stress for many people.
Another reason for not utilizing those pesky student loans is the relational impact it will have on you. Coming fresh out of college debt-free is very different than coming out bogged
Foundations of Personal Finance High School Edition VITAL e-Learning Network stable job. You may also be entering the family world. Going into a marriage and possibly wanting to have children when you have tens of thousands of dollars in debt can be quite ominous. If you choose to use student loans you may find your marriage becoming rocky. The number one cause of divorce in America is money problems. If you and your spouse both have debt and go into a marriage without a detailed plan of attack for paying the debt off, the marriage could end badly. Knowing how to budget correctly and use the snowball method could aid in paying off your debts quicker, but choosing to not use student loans in the first place would
If your savings begin to grow now, you are already getting ahead of most students. A lot of people walk into college loan offices and are granted a full ride with just a signature, but that …show more content…
This means you can be paying upwards of a thousand dollars per year in interest rates. The cost of your education may vanish once you graduate, but the interest rate will continue to add more and more debt onto you as you attempt to pay it off. This smothering feeling can add unneeded stress for many people.
Another reason for not utilizing those pesky student loans is the relational impact it will have on you. Coming fresh out of college debt-free is very different than coming out bogged
Foundations of Personal Finance High School Edition VITAL e-Learning Network stable job. You may also be entering the family world. Going into a marriage and possibly wanting to have children when you have tens of thousands of dollars in debt can be quite ominous. If you choose to use student loans you may find your marriage becoming rocky. The number one cause of divorce in America is money problems. If you and your spouse both have debt and go into a marriage without a detailed plan of attack for paying the debt off, the marriage could end badly. Knowing how to budget correctly and use the snowball method could aid in paying off your debts quicker, but choosing to not use student loans in the first place would