Game of Loans Education should not be a debt sentence. However, according to Mark Kantrowitz in The Wall Street Journal, the average student this year will have to pay back more than $35,000 in student debt (Sparshott). Statistically, that is more than buying a new 2016 car or truck, which averages around $33,560. For a college student that is just graduating and makes less than 30K a year, that is outrageous! Most students would drop out of school in fear that they would never be financially stable enough to pay back the debt. Clearly, student debt is a major problem for young adults in today 's society. One might wonder how students become so financially dependent and in debt in the first place. It begins with high school. Most students
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Many parents begin a savings account for their child when they are born. The savings usually go towards a college fund, the child 's first car, or something the parent deems worthy of saving for. If a student 's parents have already done this in advance for him or her, then that student is most likely not to experience college debt. The student can probably go to the college of his or her choice, without fear of tuition. On the other hand, if a person 's family is not fortunate enough to save for them, that person should invest in saving themselves. When of age, get a part-time job. Devise a savings plan to put back a little money from each paycheck, even if it is just $5.00 a week. As said earlier, money does build up and it will amount to something as long as you save rather than spend. While saving money in high school is still helpful, some students will still need help paying for their junior or senior years of college. “Nearly 4 out of 5 college students are working part-time while studying for their degrees, averaging 19 hours a week, according to the survey, but just 18% pay their way through school” (Kingkade). Statistics show that even with saving, sometimes it is just not enough to pay for the education. College is extremely expensive and, at times, can seem like a financial scam. That is why it is such a good idea to start saving at a young age or even better if student 's parents ' begin a
Many parents begin a savings account for their child when they are born. The savings usually go towards a college fund, the child 's first car, or something the parent deems worthy of saving for. If a student 's parents have already done this in advance for him or her, then that student is most likely not to experience college debt. The student can probably go to the college of his or her choice, without fear of tuition. On the other hand, if a person 's family is not fortunate enough to save for them, that person should invest in saving themselves. When of age, get a part-time job. Devise a savings plan to put back a little money from each paycheck, even if it is just $5.00 a week. As said earlier, money does build up and it will amount to something as long as you save rather than spend. While saving money in high school is still helpful, some students will still need help paying for their junior or senior years of college. “Nearly 4 out of 5 college students are working part-time while studying for their degrees, averaging 19 hours a week, according to the survey, but just 18% pay their way through school” (Kingkade). Statistics show that even with saving, sometimes it is just not enough to pay for the education. College is extremely expensive and, at times, can seem like a financial scam. That is why it is such a good idea to start saving at a young age or even better if student 's parents ' begin a