A recent Newsweek article said millennials are in record-setting levels of debt. The question now is why? What keeps them in debt?
-More than anything else it’s a lack of financial knowledge.
-For many their initial financial troubles began with student loan debt when the bulk of it could have been avoided. For example, attending a college with a $260,000 price tag for a degree whose entry-level salary is $35,000 was a bad financial decision. A local regional college, while living at home, would have been much more economical. Unfortunately, neither their parents nor their high school counselor understood the math well enough to counsel them beforehand. That was their first error.
-Secondary to student loan debt is the idea that someone else will eventually pay for it, rather than taking responsibility for the contract they signed. There are plenty of opportunities to legitimately pay their debt down and get it off of their backs, but that requires dedication to getting out of...
Many ways of finding money for college
During our travels over the last 4 years, we’ve had the pleasure of enjoying the talents of many street musicians. I always contribute a little to show my appreciation. But what goes through my mind is the real possibility that this young person could very well be paying off student loan debt.
The average college student graduates with $30,000 in college debt.
But it doesn’t have to be this way.
Decisions made as a family as well as by the student are made LONG before college which either lead to school debt or freedom from debt.
I agree that the sticker price of higher education is huge in many cases. The same state school I attended more than tripled over the 30 years between when I left and when my children began.
As I was growing up, the conversation never began, ‘If you go to college’ it was always, ‘When you go to college.’ And all 4 of us kids graduated from either...