I wanted to write about student loans for college due to the ongoing debate in Washington on spending and the multi-trillion dollar deficit we’re now facing. If you have turned on any news channel or talk radio lately you will quickly hear that the country is in position to be downgraded by credit agencies or default on bills due. If that happens interest rates will go up on mortgages, student loans, car payments, credit cards and any thing else you have on credit. Lawmakers continue saying that our taxes won’t go up but they’re going to stick it to us somehow to get revenue, consequently the higher interest rates.
You should seriously think about how you will pay for college if you don’t have the full amount right now. I’m talking about your own money, not the money you think you can get from student loans or grants. Do you have an interest in a future career already? Have you given yourself enough time to get some positive life experiences in the real world without school? Have you considered reaching out to a mentor in the field you’re interested in to do some work/job shadowing? These are important questions to consider. Once you sign for a student loan you are responsible for it until it’s paid off. You can’t allow yourself to think you’ll get it now and worry later. Times aren’t like they used to be. You have to be proactive with your financial choices.
Bear with this young man as he describes his experience with student loans. Hopefully, you’ll benefit from something new that you haven’t heard before.
Is it wrong to think that our lawmakers encourage young people to go to college knowing they’ll get enslaved in a system set up for default and failure?