When it comes to paying for a college degree; financial education is essential. The cost of a college education has sky-rocketed beyond anything than most students could have imagined. There are simple tips that every high school student should know before applying for a student loan and what to expect post-graduation. Choosing the loans and grants that best meet your financial needs and managing them responsibly, determines the outcome of the amount of debt and interest accrued. For example, investigating, comprehending and choosing the best available options, such private or government loans.
Go to college, get a good education and get a good job is what most parents tell their children. Does that sound familiar? This is advice that most parents give their children because they want to see them succeed in life, get a better job, to have more, provide a better life for their families and to change the world. The big question that has become a huge problem, is how do you pay for the education? Student loans or cash? Even though forbearance or deferments are available to those who are strapped for money, the total amount of student loan debt due can be overwhelming and financially debilitating when the graduate has not found a job. Thus, more millennials are moving back home with their parents after graduation because the hope of getting that “good paying job” has not become a reality.
One of the most common statements on this subject that I hear is that “I have so much student loan debt”. How can I get the debt lowered? Some millennials said that they would probably have had less debt and stress if they skipped their college education. According to Forbes, (Halah Touryalai, 2013), “The other problem on student debt is a lack of financial education. The first major financial decision many students are making is with their college loans. It’s a major decision and often-times there’s been little financial education, if any, that’s been taught. The Wells Fargo survey found that 79% of millennials think personal finance should be taught in high school; basic investing, how to save for retirement and how loans work were the top three topics they “wished” they’d learned more about”.
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