According to a new survey by Citizens Bank, 57% of millennial graduates regret taking out as many loans as they did, and 36% even said that they would not have gone to college if they knew how much it was going to cost them.
You have been told for many years that a college education is the key to unlocking the American dream. Unfortunately for too many students, they wake up from that dream and face the nightmare of massive amounts of student loan debt. Go to college, get a degree, have the best 4-years of your life, jump into high paying successful career. Seems simple enough right?
Truth is no one ever stops to talk about the potholes that you must avoid on the path to that high paying career. Some of the highlights…
- 59 percent of students graduate in SIX years
- The average Class of 2016 graduate has $37,172 in student loan debt
- The average starting salary is about $45,000 ($36,000 for liberal arts majors)
- The average job search can take 3-6 months
If more students and families were armed with better information before choosing a college, perhaps the willingness to sign on the dotted line for student loans would decrease. The buyers remorse is real. There are a lot of college grads re-thinking if the debt was worth the degree.
Getting a degree isn’t the issue, it never has been. It’s learning and understanding HOW to get a degree without taking on crippling student loan debt. For those who have taken on student loans (just like I did) it is about understanding how to live below your means after that first job, and paying them off as quickly as possible.
If you are dealing with back-breaking student loans there are simple changes you can make to sart seeing the light.
- Get on a budget. You probably have more money than you thought available. Squeeze out extra to pay off more of your loans.
- Look into loan forgiveness programs if you work in certain professions – usually teaching or non-profit work.
- Stay at home for a little while to keep your expenses down. If you have the option of going home, do it for a little while so you can get a jump starts on kicking your debts to the curb.
- Understand how to make yourself more employable and start earning wait you deserve. Find your career passion and the money will follow.
Read a few inspirational stories of people who were able to pay off their debts. This couple paid of $100,000 in student loans with no plans of letting their children ever do the same.
The more money you make of course, the more money you can throw at your student loan debt. If your problem is that you are a recent graduate and you are unemployed or underemployed, let me show you 4 quicks tips to help you find your dream job today.
Resources to Help Get Your Money Right: