FACT-average student loan today is 38,000 and about 1 in five families have this.
There are over 1.8 trillion dollars in America today.
Many people get these loans for one thing and do something else for their career, leaving them cash poor for a very long time.
Some solutions: if you go to college, attend a local community college first 2 years, costs are so much cheaper-housing, books, tuition and more. Transfer to an instate school later of last two years, do not borrow. if you need a car-buy it cheap for cash & dependable, do not make payments. Avoid credit card debt. Look for scholarships to save money.
MyScholly.com, try scholarship fund matching sites.
You and I always want our children to be as debt free as possible and this means several things-one-understanding the value of work and of saving, second-not spending money where there is no need and this starts with going to an in state community college and saving tens of thousands of dollars over an out of state school-important to note, many of those more expensive schools may give a bit better educatin, but not tens of thousandes of dollars worth. even if your child does this for 2 years then transfers, they will save a ton of money. Also you can look at scholarships and grants. Lastly when students look at student loans they make decisions that can affect their debt for decades needlessly.
It is fact that most students change their majors in college many times and if you take out student loans for something and wind up changing your major to a a lesser paying field, you are stuck with that debt. an example might be a student who took out over $100k in student loans only to take a job as a teacher which will only pay maybe 40-60k if they are lucky. In my opinion, if you are going to take out 10’s of thousands or over 100k in student loans, it should definitely be for a field of study where you can earn at least 100k per hear-like lawyer, doctor, nurse, anesthesiologist, doctor, engineer. remember many of these students over time will want to marry and have kids and buy a house which is almost impossible if riddled with that kind of student loan debt.
