Getting accepted into the college that you want is a dream come true for many. However, college can cause a financial downfall. Many people do not think about the student loan debt that they can incur when they get accepted into college. Some do not even do the math to figure out whether the degree that they get will be worth the cost.
Seventy-four percent of people with student loan debt regret going into debt to get their education. They stated that they wished they would have taken the time to plan more before they took out a student loan. If you are thinking about going to college and want to minimize your student loan debt, then there are several things that you can do.
Brendan Caughlin is the President of Consumer Deposits and Lending of Citizens Bank. She stated that many parents and students spend a lot of time thinking about how they are going to pay for education. He also stated that students need to have a plan before they go to college.
It is important for parents to talk to their children about the real financial burden of going to college. Fifty-three percent of people surveyed said that they would have less debt if their parents would have talked to them earlier. Sixty-one percent of people surveyed stated that their parents do not have a full understanding of how much debt students today have.
Parents have to tell their children about the harsh realities of life. This includes student loan debt and the high cost of college. The average 18-year-old does not think about college debt. They do not think about the fact that they may not have a job that will pay them enough to get out of debt. These are not easy discussions to have, but they are important topics.