Studentloanbluesfinal1 by Mohammad Alauddin

How To Survive Hard Times Series

The Student Loan Blues

Fountain of Youth

ttending college is an exciting time in anyone’s life. You’re young, and adulthood is knocking at your door. It is a time in which one leaves the whims of childhood behind and starts making very real, life-impacting decisions. One the most important decisions you can make as a pre-college student is deciding exactly how you are going to pay for your higher education even before you choose a college. Unfortunately, most students put the cart before the horse and decide where they want to

go to school before a realistic budget is devised. In our youth, we are more excited about the college “experience” and see student loans as something to pay back in the far and distant future. Do not let your youth fool you into thinking you have unlimited amount of time. Student loans are very real debts that must be paid back six months after you leave college—whether you graduate or not! So the sooner you start planning, the easier it will be for you in the end.

The Student Loan Blues

Is College for You?

ince grade school, it has been embedding in our minds to go to college, earn a degree, and get a good paying job. However, no one prepares you for major hurdles in this process, such as student loan repayment and unemployment. Today, one can go to college and have the highest expectations only to be disappointed to find that after all of their hard work, they discover themselves in the unemployment office. In several cases, many have to deal with the frustration of accepting minimally paying, unsatisfying jobs outside of their field (that do not even require a college degree) just to ensure their ability to pay their student loan debt. The most important thing to remember is that you should follow the true desires of your heart. Allow your passions to steer you towards your calling in life instead of the expectations or the standards others have set for you. It is not your responsibility to live out the dreams of others

The Student Loan Blues

or pursue careers that have eluded others. This is your life, and you have the power and the right to choose a field that is rewarding for you. The truth is that everyone is not made for college, and everyone does not want to go to college. There are a myriad of highly successful people, such as Bill Gates, Steve Jobs, Tom Hanks, and Lady Gaga, who dropped out of college and others, like Tiger Woods and Rachel Ray, who never attended college at all. Attending college or earning a degree does not always guarantee secure financial stability or a happy life. While the traditional fouryear college plan is what most educational advisors recommend for a successful career, there are several lucrative careers, such as dental hygienist, fire fighter, police officer, paralegal, lab technician, and others, that require skills that can be obtained through short-term programs offered at a junior or technical college. These programs afford attendees with wonderful career opportunities at a costs that are incredibly less and in half the time than pursuing a fouryear degree at a university. 3

Psst…La-La Land Doesn’t Exist

our ultimate objective during your collegiate career should be to graduate with the least amount of debt as possible. It is so easy to fall into the fantasy that a $100,000 yearly salary awaits you after graduation and employers are lined up to hire you. That may be the case in LaLa Land, but in the real world, things aren’t so easy. It’s great to reach for the stars; however, in light of the current volatility of the job market, this is not promised.

realistic student loan figure so you can ensure that you can afford your student loan payments in spite of having a low-paying job. Creating and implementing a conscious and sound student loan financial plan is absolutely paramount in securing a solid financial future. Your undergraduate college career

Dreaming big, setting goals, and taking action are not overnight endeavors. You may very well have to start at the bottom and work your way up to the level you are striving to achieve. Understanding that it takes time to excel in any field will help protect you in the future and being realistic about your probable entry-level salary when considering student loans can help protect you from a financial nightmare after graduation. Comprehending this fact will assist you in calculating a 4

The Student Loan Blues

is merely a journey leading to a destination. It is your choice to decide whether your destination will be a future filled with prosperity and financial freedom or one that is riddled with the oppression of financial calamity and misfortune. To avoid the latter situation, consider taking part in a work-

The Student Loan Blues

study program or working a part-time job to supplement your income. You can also look into the vast pool of grants and scholarships. Utilizing these avenues will be most rewarding for you and will lighten the burden of student loans. If you are especially studious, you can practically go to school for free through an accumulation of scholarships and grants.

WELCOME HOME

actually quite the opposite if you want to be smart about your financial future.

o you’ve been on your own for four or more years, and you’ve grown quite accustomed to the freedoms that living independently can grant you. The thought of moving back into your parents’ home and once again abiding by their rules causes your stomach to tie in knots. While this may seem nightmarishly bleak, it is

Student loan companies do not wait very long before they come knocking on your door and the cycle of repayment begins. In most cases, they wait six months after graduation, but that time quickly flies by. The last thing you want to tackle is rent, utility bills, and a hefty monthly student loan payment.

Your parents will more than likely encourage you to move back home because they realize the benefits of saving money while climbing the ladder to success in your career. Don’t shun the idea. The time with your parents will fly by quicker than you think. Be grateful for their generosity and take full advantage of this opportunity to get your life on the right track towards a future that entails financial stability and freedom minus the student loan blues. 6

The Student Loan Blues

Bragging Rights

ttending and graduating with a college degree grants you a level of prestige. Some students are the first to attend college in their family, which by itself is something to be proud of. However, for some students, itâ&#x20AC;&#x2122;s not just that they attend college but where they attend. This where decision often becomes the driving force behind many studentsâ&#x20AC;&#x2122; decision to attend college in the first place, especially colleges whose names carry a lot of weight in the world of higher education. Unfortunately, this thought process can lead you to biting off more than you can chew when it comes to student loan debt. Your decision to attend college should be based upon your own dreams and passions, not to fulfill the expectations of others or to brag about the school you attend. Take the time to sit down and seriously explore the various collegiate paths that lie ahead. Parallel your passions, dreams, and goals with the appropriate college. If the path you choose does not require a long, drawnout, four-year college program, then choose that path.

The Student Loan Blues

Students sometimes view community college as a step back, but there is absolutely nothing wrong with attending a two-year or junior college. There are numerous programs at such colleges that lead to rather lucrative and satisfying careers. Taking such an approach to your college career will keep you from taking out expensive student loans. It can literally save you thousands of dollars! You are the artist that paints on the canvas of your life. The level of your achievement and success rests upon your shoulders alone. Attending a four-year university does not mean nor does it solidify a career that pays a six-figure income. The important thing to remember is that everyone, no matter what field they want to work in, must creatively and actively market themselves and network with the right group of people. You are your best spokesperson, and being successful in advertising your skill set and expertise will get you further than just the name of the university you attended any day. Remember, avoiding tremendous student loan debt by choosing a career that suits your needs and desires is truly something to brag about. 7

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How to Survive Hard Times Series Managing Bills During Hard Times Seek Assistance Attitude Adjustment Budgeting When You’re Broke Avoiding Scams Vehicle Repossession Creating Your Own Employment Opportunities Homeless Prevention Finding Money Beware of the Company You Keep! The Student Loan Blues Steering Clear of College Debt