It is no surprise that going to college is a major burden on parents, financially. There are so many costs associated with going to school for a higher degree. And then add other costs like textbook, housing, and food. Not only that, the better of a school you choose to go to, the more you have to pay. The more higher education and degrees you aspire for, the more you have to pay for every extra year you are enrolled in college.
College is undoubtedly a good thing and a college education is something everyone should aspire for. But of course, the many costs associated with college are not everyone looks forward to.
With that being said, it is very important to get yourself out of debt before you dig yourself in a hole that can’t be un-dug.
Studies show that 36% of college-aged kids from 18-31 are living with their parents due to lack of financial independence. Many of these kids are under student debt and can’t afford a place to live, thus coming to live back home. This number is a lot higher than it has been in years past. This also adds to the fact that young adults are not quite contributing to the economy straight out of a college degree.
Additionally, straight out of college many young adults aren’t earning enough money right off the bat to even begin to pay off their student debt. Many of these students have other expenses to deal with, putting their debt off as a low priority. But then, the debt just accumulates.
To alleviate your debt, you must take into account some long – term goals, such as marriage, buying a house, starting a family. You must also beware of some short term goals such as: what car you drive, the new shoes you want, grocery shopping, paying for apartment rent.
Make a priority chart and make sure that you pay off everything that needs to be paid off in the short term and start getting ready to save money to pay off your student debt. Make a goal and plan to achieve in the matter of the next couple of years to bring back up your credit rating and having a sustainable bank balance. After that, you are set to relax and enjoy some of your long term goals, such as the joy of getting married or buying your own house!
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