Debt: Another thing for students to think about

Wednesday July 10

Here’s an article to help in paying it off http://finance.yahoo.com/news/student-debt-pay-off-143729679.html

As I am here in S. Korea this summer I have been doing a lot of thinking of my college life. I can’t believe that I will have around $50,000 of loan debt when I graduate in December and I still need to get my Master’s. The only good news is that there are scholarships and if I can manage to get some more for my Master’s program then I will be okay. This is why I strongly encourage everyone to apply for Scholarships. You don’t want to spend the majority of your paychecks paying off the debts. I know that there are a lot of people who end up consolidating all of there debts which may be one of the best ways. 

I have heard a good deal of people talk about filing bankruptcy after finishing a Master’s degree, but I don’t know if people really understand what filing for bankruptcy does to you. It takes more than 10 years for you to get back to normal in terms of being able to buy a car, renting a place to live, your bank accounts, and really everything. Now if you plan on doing that and living with your parents for the next 10-15 years then go ahead and do it, but it would not be the wisest decision. I truly believe that bankruptcy should be a last desperate attempt to reclaim your life back. I mean that’s only if you find yourself with a substantial amount that could not possibly be paid back in your lifetime. I’m not talking about just school debt, but credit cards, hospital bills, and all those other lovely things you can see on your credit report. 

You are the future for this world and if you are in debt and struggling you can’t focus on what you are really supposed to be doing. Also I think if you are worrying about money you will miss out on so many opportunities in life. Start planning now for your future and what you can do to eliminate as much debt as possible. If you are lucky and have parents who can afford to pay for your schooling then good for you. If you are like me and get no help in that area from parents, but have motivation to do something about it then good. I want you to begin now if you already have not. Go apply for as many scholarships as you can, go apply for as many jobs as you can, do some research on grants that you could get from companies for working for them after college. There are a lot of options out there, sadly not many in my field of study, but I am still managing. 

Plan Plan Plan: It’s never too early to start planning for your future. Decide what you want to achieve and when you want to achieve it. Set up a potential monthly payment plan based on how much you think you could be in debt after college. Start setting aside money now for future issues that could occur. If you are a major credit card user…stop! Use it for emergencies only to not cause you anymore damage. Be willing to accept the debt and then ready to get rid of it. If you dwell on how much it is, you will never be able to effectively get rid of it. 

Love your life, love yourself…

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