Post By: COYD Staff
There has been talk all over the media about the increasing student debt and increasing unemployment and underemployment rate. Some say the solution to this is not to go to college at all, but as most of you know, a college education is necessary for many careers out there. So what is the solution? To get smart!
Here are a couple things you need to keep in mind when you are thinking about taking on student debt:
1. Any investment requires an ROI (Return on Investment) analysis and due diligence
Everybody says the phrase “college is an investment”; however, most people do not perform the same kind of analysis and due diligence for college debt as they would do for other investments like investing in a business opportunity or buying a house.
At the very least, a student should consider the following factors:
1. How much you spend getting a degree: Tuition and Costs of College
2. How much you earn over the course of your career: Median starting and mid-career salary of potential careers that you want to pursue
Many of the factors are also qualitative so there isn’t always a perfect mathematical formula. You should consider the following factors also:
1. Academic Fit
2. Career goals fit
3. Location fit
4. Size and Reach Fit
5. The “je ne sais quoi” fit
See Top 5 Best Reasons to Choose A College for more information.
2. Loan Forgiveness Programs
There are several loan forgiveness programs per career that lighten the student debt load and also let you serve our community and country at the same time.
Go to FinAid for more information.
c. Military Service
d. Volunteer Work