Why 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