Student Loans In This Economy
Borrowing Money For College
I am learning a lot about student loans. Should people continue to sign for student loans in this economy. Here it is 2012 and my oldest son graduated from High School in 2007. My youngest son graduates from high school this year and will begin college in the Fall. My oldest, had he done what some do he would probably be just about to graduate from college but he took another path and instead is just about to enter a four year school. My youngest son plans to attend college right after so I will have two dependents in college at the same time.
I have had a little bit of experience with borrowing money for college but for the most part I am just learning about student loans. What I'm finding out is the more money parents make, the less likely it is to get much help from Uncle Sam. And the interest rates for these school loans are high.
It's scary knowing that our children may or may not end up with a college degree after borrowing money, but it's also scary and frustrating knowing that when they are finished going to college, the debt that they will have incurred will be huge.
There are always the questions as to whether or not college graduates will be able to get a good job when they finish. And there is always the question as to whether or not they will be able to pay back these loans and still have enough money for the other necessities.
The necessities, well yes maybe. But do any of our children having grown up this day in age want to get out of college and settle for the necessities. Of course not, they will want to drive a Lexus, have a great home or apartment, have the most expensive cell phone and go out to eat whenever they want to and still have money to spare.
So as parents we stress that they have a plan and stick to that plan as much as they can so as to be successful when they do finish. Hopefully student loans won't be too out of control.
Pay Back Student Loans
I borrowed money for college, got a good education and paid my loans back on time. And...If I were that age again, I think I would choose to do it again the same way because I know that somehow, I would make it work and be able to pay back student loans and succeed.
Hopefully, the economy will get better in the next few years so that the students who are getting an education will be more apt to get a good job. However, parents should still keep in the back of their minds, that these students may need some help repaying student loans or with financial situations even when their college days are done.
If they are hard workers, they will find avenues of making money whether it is their chosen field or not. I am an advocate that an education is a very valuable investment. If the jobs in their fields don't present themselves right away they will have to look elsewhere and maybe even work more than one job and maybe not in an area that has anything to do with their degree. But we'll keep our fingers crossed in hopes that the economy will be thriving and looking for several workers in all sorts of fields when our children are ready for that next step into the workforce and have to fulfill that requirement of paying back student loans