According to a note on CNNMoney.com dated May 2, 2006,
“Nearly 2/3 of college students now use loans to finance their education, up from 46% in 1990. The class of 2004 graduated with an average loan debt of $15,622 for the public school students and $22,581 for those who went to private schools. A 2006 graduate with a consolidated debt of $40,000, they will owe a payment of $243 a month until they are 52. As they begin eyeing their senior discounts, they will have paid over $47,000 in interest alone on that loan.”
Yikes! And that’s just under-grad. I hate the thought of so many students marching proudly into such a deep debt. That’s a decent car payment. So skip college and buy yourself a new car every few years instead. Just kidding! (The angry parent letters are already starting.) The education received in college can determine or at least shape much of a student’s future. Very seldomly would it be a good idea to skip it!
But it’s expensive. Maybe it would be better to take it a little slower (forget about graduating in 4 years) and leave yourself some time to work. Find a job (as humble as it may have to be) and pay for school as you go. Work summers. Cut back on what you don’t really need. Spend what you have wisely. Save. Graduate in 5 or 6 years with a student loan payment of zero.
Or maybe you’re fortunate to have parents paying your way through school. If so, appreciate it. Don’t take for granted that gift. When you get your first post-graduation paycheck, call home and thank mom and dad for making sure you won’t be paying for your education til you’re ready to retire.
Or maybe I’m out of my mind! Maybe there is no other way than the ‘way of Stafford’… nah, there’s gotta be a way. Hope you find it…