About 'education loan debt'|On The Student Loan Debt Bubble; and the Great College Education Scam
Walking across the stage at graduation, receiving my college diploma was one of the best feelings I've ever had. I set a goal, and through all the hardships and doubtful days, I accomplished what I set out to achieve. I was about to embark on a new journey which would allow me to start my career. This was an exciting time in my life and I couldn't be happier. Will the debt ever be worth it? What I didn't realize was how hard it would actually be after graduation. The country was in a terrible recession and people who had been in their careers for as long as 30 years were being laid off. I began to wonder if all my hard work in college and all the money spent would ever pay off. Graduating in the middle of a recession doesn't lead to many job opportunities. I found myself tending bar again and applying for jobs every free second I had. I applied to hundreds of jobs and did not see much response. With the student loan debt piling up, I began to worry that my loan was not worth it. While the thought of going back to school crossed my mind, I decided I did not want to be stuck with more student loan debt and no way to pay it off once again. I quickly realized that taking out my student loans would be worth it one day and I just needed to continue sending out my resume and eventually my persistence would pay off. During this time I decided that it would be easier to defer my loans if I could. I contacted Direct Loans and Sallie Mae which were the two providers I received my loans from and they were able to help. They told me to fill out an 'Economic Hardship Deferment Form' and they would let me know if I qualified. According to the studentaid.gov website, a deferment is defined as a temporary suspension of loan payments for specific situations (i.e. reenrollment in school, unemployment, or economic hardship). Depending on what type of loan you have will determine whether you will have to pay the interest during the time of deferment or not. For more information on what type of loan you have, or to learn more information about a specific deferment type, visit http://studentaid.ed.gov. More Money vs. Starting Your Career While there are many jobs that you can make a good living off of, they may not be related to your career field. In fact, you may have been able to skip college and the hassle of student loans all together. After graduation when I realized I would be tending bar again, I felt as though I went to school for nothing. Just to continue doing the job I did in college. The realization that I was paying on student loans I wasn't even using was a hard concept to except. This is when I decided to take a pay cut in order to start my career. Being a determined person and an eager college graduate, I knew that this would be hard, however, I wanted to get my foot in the door and get my career going. I am lucky enough to be in a situation where I do not have a rent or mortgage payment, however, working just to pay off your student loans gets frustrating at times. This is when we, as graduates of the recession, have to suck up our pride and either move back in with Mom & Dad or get a second job. This has classified us in what I like to call, the "Boomerang Generation". You throw us out in to the world, and we just come right back home. Although I made the decision to take a pay cut in order to get my career started, not everyone has that option. If you can handle a second job, that might work better for you. However, don't feel pressure to take the first job opportunity that comes along. Make sure it is right for you, even if it may not be exactly what you're looking to do. Consolidate Your Loans One thing I learned through the process of paying back my loans is that if you can consolidate your loans, you should do it. I had two federal loans and one private loan and I was able to consolidate my two federal loans. This helped tremendously when it came time to make my monthly payments. Instead of having three separate payments each month, I only had two. According to studentloanconsolidator.com, you will lose your federal loan benefits if you consolidate your federal loans into a private loan consolidation. Consult your student loan provider(s) before making this decision. They will be able to guide you to the decision that best suits you. Don't Take Out More Than You Need Looking back at the beginning of my college career, I realize that if I did not have guidance from my parents about how big of a loan to take out, what kind of loans to take out, and when it is unnecessary to take out a loan, I would have had even more debt than I do now. Many young college students do not realize that the loans they take out during college will add up quick and after graduation you may find yourself regretting taking out that extra $2,000 "just in case" or extra money to make your car payment. One thing my Dad taught me through the loan process was to never take out more than I needed to. This was a valuable lesson learned as I watched a number of my friends take out extra money just so they could pay for non-education expenses. While I was wishing I could take out more money to help me through the "broke college days", their debt was piling up. Although you may struggle more by just taking out what you need to cover education costs, you'll be better off after college when you know you're just paying off your education rather than your car, apartment, and interest on that round of shots you bought junior year. So yes, we may be the "Boomerang Generation", but our turn will come. In the mean time, take a little bit of the load off by deferring and consolidating any of the loans you are able to. |
Image of education loan debt
education loan debt Image 1
education loan debt Image 2
education loan debt Image 3
education loan debt Image 4
education loan debt Image 5
Related blog with education loan debt
- consolidatedebttoday.wordpress.com/Education loan Debt Consolidation January 25, 2011 Posted by desmal20... the money you owe. If you neglect to seek debt loan consolidation solutions, then you are prone...
- economicfolk.blogspot.com/... bubble, the education bubble is about security...W. Bush decree that student loan debt is the one thing...MishsGlobalEconomicTrendAnalysis/~3/QniMCIskTXQ/education-bubble-student-loan-debt.html
- voice-of-deseret.blogspot.com/... that you exceeded the averages. If you do get debt, stay away from private education loans. They worse then federal. Stay away from federal...
- matthenry.wordpress.com/...Monday A Taste of A Scary Guy → Education and Debt–The College Loan Story May 2 May 2 Posted... Debt , Occupy Student Debt , Student Loans . Bookmark the permalink . 1 Comment...
- r1financialeducation.wordpress.com/... Solutions to provide a fun easy to read guide on Student Loan Debt . Here are the highlights…you should consider clicking on the...
- sleepless-in-gaborone.blogspot.com/...didn't want to pay back my loans. I actually had less than $15,000 in debt when I graduated... university education both in country and at international...
- poorrichards-blog.blogspot.com/... are 16 shocking facts about the student loan debt bubble and the great college education scam.... #1 Americans now owe more than $875 billion on student loans...
- pubcit.typepad.com/clpblog/...Protection Bureau and the Secretary of Education to submit a Report on private student loans. This Report [issued... in student loan debt and defaults ...
- attilashrugs.wordpress.com/On The Student Loan Debt Bubble; and the Great College Education Scam College Education...You will graduate with debt, have nothing of intrinsic...Inflation , Higher Education Scam , Money waste , Time...
- coyoteprime-runningcauseicantfly.blogspot.com/...credit card and education debts, according...card and college loan debt held by... on debt will ultimately...Friedman, 1957). Education loans may also generate...
Education Loan Debt - Blog Homepage Results
A non-profit organization dedicated to the eradication of all student loan debt through activism, education, and legislation; because student loan debt is dangerous to the US economy and to the...
Student Loan Forgiveness Act 2012 (by Education Should Not Be A Debt Sentence")
One girls story of paying back that pesky loan for education. Slowly but surely.
Related Video with education loan debt
education loan debt Video 1
education loan debt Video 2
education loan debt Video 3
Thank you for sharing such great information.
답글삭제It is informative, can you help me in finding out more detail on
Education Loan.