Lessons Getting an MBA Have Taught Me
Getting a college degree is the In Thing
These day getting a higher education and going into debt seems to be the in thing. Naturally me trying to stay hip, if hip is still in style decided to go and finish my degree. After two years of a degree completion program I end up with a B.S. in Applied Psych. Not feeling satisfied in having just a bachelors degree and wanting to teach in a college someday I went for an MBA which I earned a few years ago.
While I sit here pondering the lessons I learned while getting my secondary education I figured I'd pass them on to you. May you learn from them and be much the wiser if you're one who who is older in life and seeking to further their education in life.
Don't Major in Debt
Getting a degree is not always necessary
The first thing I learned is getting a degree is not always necessary. While the good jobs all seem to require a college it is still possible to get a good job without paying what could be the equivalent of having a mortgage for the next thirty years.
The truth is there are jobs out there which pay a good wage to start. They may not be equal those which require a college degree but they can be good starter jobs. An upside to some jobs is they will pay for your college as long as you get a certain grade. The main thing is to check out all your options before you fill out the loan paperwork. of course you could always work two jobs to pay off the debt.
Debt is easy to get into but not easy to get out of
I have discovered over the course of getting two college degrees that filling out loan applications and getting loans to pay for courses is very easy. The money comes rolling in, many times without you ever knowing it is there. All you're interested in is getting your degree and graduating.
The time you realize how much debt you've gotten yourself into is the day you do graduate and see the total sum of your college loans. Then it hits you, "I could have bought a small house for what I borrowed to put a sheet of paper on the wall or a few letters behind my name."
The more you pay on the loans the less you have to put away
Another side effect of student loan debt, especially as you get older, is that it take a good bite out of retirement money. There is no quick fix for student loan debt, well unless you have a rich relative who is inclined to wipe your debt out for you. The loans must be paid back, which means for every loan dollar paid out to your lender the less you have to spend on things like life or put away for retirement.
Student loan debt is crippling in many ways. The best course of action again is to weigh all the options before using a loan to pay for college, especially if you're only a few years shy of retirement.
If you have suggestions for how to pay back student loans please leave them in the comments section.