Student debt is something that can hold back a lot of young people from reaching their true potential. Loads of students are discouraged from attending college/university because they fear debt. They know that tuition fees and living costs are so high, it’s almost guaranteed you’ll end up in debt once you graduate.
Regardless of which college you attend, student debt is part and parcel of your life. There was an interesting article on http://time.com that showed the difference in debt across various states. Amazingly, the state that had the lowest average debt still had students in $20,000 worth of debt!
You can see that it’s clearly a big issue, but should you be as scared of student debt as most people are? Is it bad enough to warrant not getting a college education? To answer this, let’s look at student debt in more detail. We’ll go through the reasons for it, ways to deal with it, and why it might be worth it in the end.
Why Do We Get Student Debt?
The sole reason for student debt is the cost of college tuition. It’s not free to go to college and be educated in various areas. Colleges depend on money to stay alive and pay staff, etc. If the government paid for every kid to go to college, it would cost a fortune. So, we have to pay the fees and rarely do people have enough money to cover them. As such, they turn to college tuition loans, which puts them in debt.
How Can You Deal With Student Debt?
Student debt is easy to deal with if you know what you’re doing. For starters, try and save as much money as you can. It might be worth getting a little job and working in a shop or office for a year or two just to save up. Now, you can put your own money towards the fees and require a smaller, more manageable loan. Another idea is showcased on debtconsolidation.loans, and it’s this concept of consolidating debt. You take out a debt consolidation loan – with a better interest rate than your student one – and it pays off your debts. Now, you have this other loan to pay, but it’s easier as the rates are lower.
Is Student Debt Worth It?
When you read about student debt and how badly it affects some people, you wonder why on earth you’d bother with college. However, student debt can be worth it in many scenarios. If you want a really good job in a highly skilled area – such as engineering, medicine, healthcare, etc. – then you need a college education. You have to undergo the right academic training to qualify for these skilled jobs. As a result, you open the door to some of the highest paying jobs in the country. Graduates tend to end up in jobs with higher salaries than non-graduates. So, although the debt can be a burden at one point in your life, it may be necessary to further your career and make more money.
I hope this has explained student debt in more detail for you. It doesn’t have to be a bad thing, particularly if you learn how to manage it. A college education can improve your career prospects, so it may well be worth it after all.