Category: Avoiding Student Loan Debt
College is expensive, but there are some ways to reduce your costs. We’ll help you explore a variety of different strategies that can help you save money for college and help drive down to cost of your education. From filing the Free Application for Federal Student Aid (FAFSA) to finding scholarships, our tips and tricks will have you seeing green instead of red.
When the topic of student loan debt rears its ugly head, there is inevitably an argument about who is at fault for our current situation. Many believe the government should be working toward a free college system. Others strongly insist that the colleges themselves are to blame. And there are even some who feel students have played a leading role in why so many Americans are struggling with student loan debt. Regardless of where we place the blame, one thing is clear – the current system is not working.
When you think of the American Dream, is college part of the vision? I think most people would say ‘yes.’ We’ve been conditioned to follow a certain path in order to ensure our future success; do well in high school, get accepted to a good college and graduate with a degree. If you follow these steps, you should have no trouble landing a job and living the dream, right? Maybe. According to recent statistics. the unemployment rate for recent college graduates is on the rise again, forcing many to take jobs that don’t require a college education. In fact, less than half of this year’s graduates were likely to find a good job (salary of $45,000 or more). It’s no wonder that so many students are beginning to question the value of a college education, especially since college tuition rates continue to climb. Although I am a firm believer in going to college and earning a degree, there are some cases where
skipping the traditional path to a career may actually make more sense. Here’s a look at some alternative paths that may be less expensive and, in some cases, get you into a career much earlier than those who enroll in a traditional college program.
Next to purchasing a home, college will probably be one of the biggest financial investments you will ever make. It can be scary thinking about spending $10,000, $20,000 or even more money each year you are in school (yikes!). That’s why it’s so important to understand how the financial decisions you make now can affect your future. Sure, you could plunge blindly into the college waters and hope that you stay afloat, but why should you when there are so many free online tools available to help? Before you make any decisions regarding your future, check out these five tools that can help you make smart college money decisions and put you on the path to a healthy financial future.
Can a student loan be discharged. It’s a common question among those saddled with student loan bills, especially with so many college graduates still struggling to find high-paying jobs. The short answer is “yes,” but it’s not a simple or easy process to undertake. In fact, a study by Jason Luilano suggested that in 2007 there may have been as many as 69,000 borrowers eligible for student loan debt relief, but fewer than 300 actually attempted to have their loans discharged. One reason fewer borrowers may try to have their debt erased is the urban myth that it’s impossible to achieve. Recent studies, however, suggest that up to 40 percent of those who attempted relief through bankruptcy actually succeeded. Another obstacle may be the perceived time and money involved. Last year, there were reports that it took one borrower 10 years to have his loans partially discharged, but this is not the norm.