Student Loans Stand In The Way Of Life!
Over the last 10-20 years, a college education has gone from being a rarity to being the “norm”. In fact, if you were to say that you had no college plans after high school, you would most likely be looked down upon as “low achieving”. However, statistics have shown, that those who have had to take out student loans to finance the ever increasing expense of a post-secondary education have had to make major life sacrifices in order to keep up with their student loan payments.
What Sacrifices Are Being Made For The Sake Of Student Loans?
In a survey done by the American Institute of CPAs, 41% of the 200 people surveyed said that student loans have prevented them from being able to save for retirement, 40% were unable to buy cars, and 29% have put off purchasing a new home. Even relationships such as marriages and having children have been impacted with 15% of survey participants saying they have delayed marriage because of the added burden of student loans on their finances.
If You Had Known Would You Have Taken Out Student Loans?
Among those surveyed, 60% expressed regret for having financed their education and incurred such massive debt in the process. Most had no idea how much they would be expected to pay back per month and how long the loans would haunt them after graduation.
How Much Student Debt Do We Have In The U.S.?
Unfortunately, the student loan problem is an increasing problem throughout the nation. Currently, the total amount of student debt has exceeded 1 trillion dollars and the average debt load has reached 26,600. For a married couple, that could be as much as $53,000 or more for a couple to try to pay off. Some have to wonder if carrying that kind of debt after college is worth it. Does the difference in pay really make up for the added expense?
Before you make the decision to go to college, it’s wise to have a clear plan in mind of what you want to do, and whether or not a degree will help you achieve that goal. Sitting down with a financial planner to determine if college will help you attain your goals is always an excellent choice before you incur a massive amount of student debt. If you’re on the other end, however, and you’ve already burdened yourself with student loans, you’re only choice is to sit down and create a budget that includes a plan for paying your loans off, while still saving for retirement and achieving your other life goals. For more information on how to go about this, speak to a Redhawk Advisor near you today.