Thursday, September 20, 2012

Why Student Loans Are Still Worth It

In the heat of a troubled economy and saturated job market, many future and recent high school graduates have been left to wonder whether the cost of a college education is even worth it anymore. In the past, the prospect of graduating college and immediately finding meaningful employment made the load of student loans easier to bear. But with recent college graduates spending a year or more either under or unemployed, the burden of paying back student loans has increased. However, the importance of a college education actually increases during harder economic times. The following will help you to realize why student loans still are, and will continue to be, worth the effort:

1. To Get a Job, Period

Because there are so many applicants for every job positioning available, there are some jobs that it is almost impossible to even get a foot in the door without a college degree. While in the past, there may have been times where it would be more worth it to seek employment after high school and let your experience speak for itself, employers now are looking for candidates with a combination of experience and a superior education. As the Bachelor's degree has become the new high school diploma, it is more important than ever to, at the bare minimum, earn your undergraduate degree.

2. To Advance Your Career

Even if you can find a decent job without a college education, you will more than likely eventually stumble upon a roadblock years down the road without a degree. Many promotion opportunities are reserved for those with superior educations, so you may find yourself being passed up by less qualified employees if you do not see the importance of obtaining a college education.

3. The Amount You Will Earn Will Dwarf Your Debt

As a high school student, the figures associated with taking out student loans for college may seem immense. But financial programs like Discover can help break the numbers down for you. Once you put it in context, the amount of money you will earn over the course of your career, especially if you have a college education, will make your debt seem like mere pennies in the future.
While it is never a bad idea to plan ahead for your future and manage your costs, taking out a student loan to obtain a college education is not irresponsible spending. It's an investment in yourself. Without a solid college education, you risk getting left behind by your peers in the future.
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