Say NO to Student Loans and Debt

By Jennifer Scott

The Monster in the Closet

Student debt will just pile up and affect you and the decisions you make for the next 40 years of your life. A student paid all her college through student loans and has to work 80 hours a week to try and pay them off. She now urges her friends to pay cash for everything they buy so they don’t end up in the same position she’s in. Another student didn’t understand how a credit card worked and is now working to pay off her $40,000 debt. She wants to be a stay at home mom but can’t because she used all the money she made while working in college towards her living expenses and a car, so she couldn’t put any toward her tuition.

Real Life Experiences and the Solution

Student Loan Debt Stories

"By 2009, Alan Ens borrowed about $25,000 in federal loans and $75,000 in private loans to pay for his jazz guitar degree from University of the Arts in Philadelphia." -
http://www.bankrate.com/finance/student-loans/student-loan-horror-stories-1.aspx#ixzz46EuxYgIz

"Dave is really hurting financially. Once he shells out for his rent, utilities, and metro costs, he doesn't have a penny extra to spend on his $650 student loan bill—that's the amount of his entire paycheck! He hasn't paid his loan for more than 7 months now, and he's been ignoring calls from his loan servicer." - http://www.youcandealwithit.com/borrowers/calculators-and-resources/personal-stories/dave.shtml


So What's the Solution?

The Solution is to save up for college before you go. Although it is hard, you can wait and get a part time job or start saving early. Waiting a year or two to go to school will benefit you more when you are debt free when you graduate. The people who blow all their money during school and can't pay their loans are in trouble now and will be for the next 20+ years.