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The Basics of Financial Management- School Debt

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The Basics of Financial Management- School Debt

Getting a degree should be a blessing not a burden.

School Debt is the topic in everybody’s mind currently, including the media overhype about student loan debt being the next trillion dollar bubble to pop. I will give you my two cents on this topic and it should help you decipher how to avoid being a victim to the student debt crisis. I think everybody that has dreams of getting a degree should do it with the expectation that taking out loans is not smart money management.

Why do I say this with a straight face and serious demeanor? Because recent college graduates cannot get a sufficient paying job straight out of college to cover loans and all the expenses of life. If you are lucky to land something immediately after your educational stint, then it will serve you best to not have the burden of student loans because in the early years of employment your wages will be lower than somebody with a few years of work experience. See below for the basics about how to avoid educational debt:

The Basics of Financial Management- School Debt (Advice):

Work part time to pay down the costs of tuition

Set up a payment plan with finance office so it can be paid on a weekly basis

Use loans as a final and last resort to avoid getting released from the college

Do not take fluff classes; concentrate on those courses for your major (Less overall Tuition)

Take free college credit courses in High school

Work at the college or university (Free or Reduced Tuition)

Go to an in-state public School

Work for companies who provide Tuition Reimbursement Programs

Use a % of income to pay down any student loans while still in school deferment stage

 

If you do all of these while attending university I foresee you in the future having much less student debt. I know you guys can do this because I did it during my bachelor’s studies. I graduated with only one semester of student debt. I paid it off in less than 12 months after I graduated. It will be a challenge to work and study at the same time but believe me it can be done. The work ethic you display will determine if you graduate free from years and years of possible bondage to student loan debt. Decide now before it is too late!

I hope you can see that attending school does not have to be a heavy burden on your future.

Comment if you have any more ideas to help others with avoiding student loan debt?

Rich Uncle EL

Image courtesy of sheelamohan  / FreeDigitalPhotos.net

The Basics of Financial Management- School Debt is a post from: MoneyWatch 101

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