Why Student Loans Could Hurt You in the Long Run

02 Apr Why Student Loans Could Hurt You in the Long Run


Student loans can hurt youWhy Student Loans Could Hurt You in the Long Run!

In today’s day in age it seems like getting a college degree is more common then ever. Many places are hiring people that have at least a bachelors degree for a position that at one time didn’t require having a degree. While getting a bachelors degree can be a good thing, getting student loans to pay for a college degree is another story.

Student Loan Statistics

– The current total student loan debt is over $1 Trillion

– Around 20 million Americans go to college each year & over 12 million borrow money to attend

Student loan delinquencies as high as 30%

As you can see from the statistics above the majority of college students borrow money to go to college. As high as 30% are delinquent on their payments. Most people don’t think about how to pay for their student loans up front and this can be a huge mistake. Often times people will get a four year degree, decide at that point that they want to go a different direction and end up paying for another degree.

Now I am not saying that student loans are bad, but it is apparent that they can be a burden if you fail to plan properly. Also, there are several alternatives to getting student loans. Whether it is working through school or doing a work study program that will cover a portion, if not all, of your college tuition expenses.

Did you get student loans when you went to college? If so, are you happy that you did?

Image Credit: ThisisBossi

 

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