Troublesome Times Require Smart Decisions
Troublesome times require smart decisions, and today is a perfect example of what I’m talking about. The media has been talking about the Coronavirus for the past month, and the president gave a speech about recently. The entire world is being affected by this, and every country is taking some action to minimize the situation for their citizens.
It makes sense that our leaders protect their citizens, but it only makes sense that we protect ourselves. What am I talking about? Student loans and debt.
We are responsible for our lives, our education, our families, our jobs and many other things. It only makes sense that we make rational decisions regarding things that will have a major effect on our lives.
A college education is very important but before we got out there and spend $50,000 or perhaps a lot more, we need to think things out. Having debt hanging over our heads after graduation can be a stressful thing, especially when a situation like the Coronavirus occurs and the stock market crashes along with the economy and earning a decent pay suddenly becomes difficult to come by.
We must always be prepared for the unexpected. What that means is to not only think of the loan that will be taken out to pay for one’s education, but to have a clear plan on exactly how we will pay for it. It’s very important to have a backup plan to make sure that nothing goes wrong.
When those plans are made, one must think in years ahead, not just days because student loans hang around for a long time, sometimes around a person’s neck (no pun intended). A person must be committed to long term thinking and must understand the effects of their decisions.
By planning and making clear and realistic plans, one will make life easier for themselves. Money should not be the driving force in our lives, but unfortunately in the world today, “It’s all about the money.”
Figure out how the decision you make will affect your finances and life and act accordingly. It might be best to take a semester or a year off and earn some money to pay for that education instead of going into debt and paying unnecessary interest. The decision is yours to make so think things out.
I mentioned before that it’s all about the money, and it is. A college education, student loans and textbooks are big business. The people that offer these services don’t really care about us and our situation, they just want to get paid.
Recently a lawsuit was filed against textbook publishers, and this is not the first time this has happened. Off campus bookstores have also sued publishers for inclusive access alleging the practice creates a monopoly it locks them out of, and the student ends up paying more.
This is just a reminder that the only one that you can trust is yourself and your family. Before selecting a college make sure it involves your parents with the decision-making process. They are the ones that are sincerely interested in your wellbeing and success.
Talk with them about how much college will cost, and how you will pay for it. This is a major decision that will impact your life in the next few years.
I hope you found this information helpful, and if you have questions ask.
Goulash