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Student loans are becoming an increasingly significant issue in America. With not enough financial aid to match the high price of tuition, teenagers are taking out massive student loans that they may be paying back for longer than expected. Attending college and getting your academic degree is vital for your future career, but there are still many factors to consider before making your decision.
Being Realistic
In an interview with CBS News, Jill Schlesinger, author of The Dumb Things People Do With Their Money: Thirteen Ways To Right Your Financial Wrongs advised prospective students to be realistic with their university choice. Schlesinger notes that parents should have a conversation with their child about what their desired degree will do for them and if it will allow them to get a job that pays enough. Don’t decide to pay for a university for a career path that won’t cover the cost.
Negotiate
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Schlesinger offers a lot of valuable information regarding the decision-making process and how to consider payment options. Another useful tip she provided was to negotiate with the schools of your interest. If your first-choice school offered you a lower scholarship than the school of your second or third choice, call the university and explain your situation. If you are an attractive student in good standing, many universities will offer to increase your scholarship to secure your attendance. If negotiating in your case fails, continue to make the wisest financial decision. Remember, if you don’t ask you don’t get!
Do Research
Make sure you know everything there is about what will fit best for you. Research the projected earnings employees with a degree in your field will make, and compare it with the cost of a prospective university. Investigate what career path will benefit you the most, and what majors of your interest will provide more for you down the line. Along with your degree options, seek out information regarding scholarship fluctuations, work-study opportunities, and other financially supporting factors.
Read The Fine Print
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Consider what it is that attracts you to an expensive school so much. If you finally decide to make the decision and take out a student loan, read the fine print during this process. Many people glaze over the critical information written before them and don’t examine the specific interest rates listed or how frequently payments will be due. When moving forward in the student loan process, make sure read the fine print as these details will affect you directly following graduation.
