Before student debt came along, people only had to worry about regular credit card debt, and that was avoidable with a little self-discipline. These days, everything is costing more money, some of us barely have enough to get by. To make more money, we need a better education. In the long run it doesn't seem like much, but the debt it builds with it seems far too great to conquer. Let’s take a step back to the 1940's.
Back when your grandpa went to college, he could leave with a degree and his bank account still intact. These days, you’ll be lucky if you haven’t gone bankrupt. A four-year degree can rack up to $100,000 or more depending on the university, the degree, and the city budget. If there’s budget cuts then everything and everyone suffers, and that’s the economy we had in 2010 and still do today. If college is on the horizon, you may want to start saving A.S.A.P.
529 Savings Plans and prepaid college plans are one way to go, but they don’t cover everything, and unforeseen expenses are the worst. It’s best to start saving early and don’t stop until you graduate, because the money you save you will need. If you’re not sure how to go about organizing your personal finances, or if you’re worried about the debt you may incur, find a credit counseling agency to talk to about your woes. Consolidated Credit can help you out with a simple phone call, and can give you the tools you need to succeed in battling student loan debt.