Student Loan Costs Are Life-Changing

Would you consider paying $211,000 for an original student loan cost of $74,000?  Of course not.  Unfortunately, when students take on student loan debt and assume that if they work hard to pay it off, then life will be good.  Today's reality offers a different financial perspective here. 

In this article, Student Loan Debt, it is evident that marriage and starting a family is long delayed because of this debt.  Sometimes career advancement is delayed as well.  This article (at the bottom) even highlights a great list of how debt negatively affects students such as difficulty in renting a home because of a high debt to income ratio number. 

The military member is keen on money for education.  Sometimes the GI Bill or other education benefits seem too good to be true.  The reality is some funds are low, and the cost to cover education tuition and fees is not paying as much as aniticipated.  Military are having to take on loans in order to pay for education.  The financial hardship is not recommended.

Many folks offer a solution of working hard and paying as you go.  The increasing popularity of evening college classes is back in addition to online courses.  Hence, you can work a full-time job and obtain your education so some of the financial hardship is avoided.

Interest on the debt is challenging especially when it kicks in.

You cannot claim student loan debt in bankruptcy.  You must pay it off. 

The financial hardship is to mount if students take on more debt.  Recommendation is to delay graduation by working and earning funds to pay for college.  If you are already in debt, then working a full-time job and another part-time job or two will be life for awhile.  It is an enslavement that many wished they never had agreed to doing.  Perhaps view this time in life as an opportunity for character building.  It is during times of financial hardship that you learn things in ways you least expect.