Careers

Published on December 29th, 2014 | by Selena M

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Complete Your Graduation – Don’t Think Too Much Of Loans

Is your college degree at a risk? Are you among that majority of students who are compromising their higher education due to debt? If so, than millions of students all around the world are just like you facing similar circumstances. Students are having this dilemma of either studying or earning a living for themselves as the returns accruing from the college degree seem pity far from reality. A well developed country like the United States is not producing required number of quality graduates every year and that graph clearly shows a dip. There might be a number of reasons for individuals not going or simply dropping out of college but what heads the list is the requirement of loans taken for academics and inability to repay them. This is now becoming a global economic issue that so many students are opting out of the college and the countries are not having enough specialized labor.

How to get away?

Is there a way out? Is the question that would definitely come in every concerned mind and the answer to that is yes! It is easier said than done but it simply has to be done. College degree does not guarantee you a fully fledged job prospects but the probability of that is way higher than for a non-graduate. It is a common phenomenon that student loans end up individuals to a dead end and the repayment continues for years to come. But that could easily be changed by planning effectively so that the students concentrate more on their studies rather than money all the time.

Dream of going to College could be turned into reality

The college dream of getting a graduate degree can easily turn into a student loan nightmare by ignoring the fact that prompt repayments are mandatory to live an unstressed college life. Students often seem to avoid their loans resulting in greater difficulty afterwards when the time for bearing the fruits of your hard earned degree arrives. The most important step in this regard is to pick the right grad school as there are so many institutions having quality degrees but not offering enough financial aid. Students have this tendency of leaving their home state merely for academics which for them seems fun but that fun could develop into a calamity as the out of state schools are costly and often lack financial assistance. Expensive schools that aren’t offering students much financial aid could leave parents with over $100,000 in parent loan debt after four years of college; Federal Parent PLUS Loans amounts are only capped by the full cost of attendance minus other financial aid, grants and scholarships.This really doesn’t mean that students should skip college or they should always avoid attending their dream school. Instead, they should make smart choices as a family, before and after applying.

Do a Little Research

Before applying for schools look for the options available to you. Consider a school’s history of awarding grants and scholarships and weigh it against tuition. The u s department of education has made compulsory for every institution to provide a net price calculator on their websites. A net price calculator estimates the amount of aid that student can get based on the grades and family finances. However this is not a common law as exceptions are always there and there might be universities who are offering additional scholarships and grants to fund non-privileged students.When families are reviewing costs through net price calculators of the schools their children are applying to, they should make sure they’re comparing costs evenly by doing simple calculations by subtracting grants and scholarships. The number that comes up after doing all the calculations is the one that really matters.

Additional Scholarships: if available

Ask for more financial aid. It can’t hurt. For students who have grades above the school’s average, always call and ask to see if the financial aid package can be boosted up a notch. Also fill out special circumstances forms if either a parent’s or a student’s income has dropped. Financial aid is sometimes increased because of the change in income.

Career Counseling

One has to really think about the value of the education that a particular school is providing and for that call career service departments and find out locations where graduates of that school are employed.If a student is only choosing an expensive school because of a particular program, career path is the most important factor.

Bottom line: The heartbreak involved in rejecting admission to a student’s dream school is huge, but the bigger heartbreak is when parents can’t retire and the students are saddled with so much private loan debt they feel weighed down by a 30-year burden.  Make smart decisions now when applying for and accepting college admission. It’s for the best interest of everyone’s future.


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