Today I Learn… I make a point of learning something new everyday. This is what I learn each day

1, Jul 17, 2010

A Depressing Way to Start Life After College

Filed under: College — admin @ 12:22 am

I read an article on 6/1, by Ron Lieber, provided by The New York Times. “…a 26-year-old graduate of New York University, has nearly $100,000 in student loan debt from her four years in college, and affording the full monthly payments would be a struggle. For much of the time since her 2005 graduation, she’s been enrolled in night school, which allows her to defer loan payments… This is not a long-term solution, because the interest on the loans continues to pile up.”

It is so dreadfully depressing to start life with such a heavy financial burden. There are many cases like this. I don’t have the heart to spit out further unkind words toward those already unfortunate people. Still, I see this the result of ill-advice and unwise decision on part of both parents and the children.

First of all, always keep in mind this hard truth: education is an investment in money and time. You don’t invest heavily in anything that does not promise greater return. It is tantamount to nothing but high degree of stupidity if you think of college education as years of merry-go-round free spending partying life.

Secondly, don’t take on the attitude of borrow-and-spend now and let devil take care of the bills later. Don’t borrow in the first place, if you can help. If you have to, borrow as less as you can even if it means you have to tighten your belt and forsake new dresses and other forms of luxury. It is called delay gratification and not putting on the airs on borrowed money.

Third, work and study while you are in college. It enriches not just your purse, but also your work experience, so that you are ready to jump on some employment right after college.

Fourth, boost up your grade and apply for scholarship whenever there is a possibility. There are all sorts of scholarships. You just have to exhaust your search for it if you believe you are qualified.

There are always ways for you to get out of trouble. You have to rake your brain to come up with some solutions. Going into deep debt should always be the last desperate resort. You go there only if you are sure you can get a big fat salary to take good care of it after college.

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