Debt After Education

Lately I have been thinking about my future when it comes to my schooling.  I have been working my ass off for a long time, and I still have yet to feel secure about what I would like to do after college.  So far I have the makings of an English Degree, which is something that I am good at.  The unfortunate thing that is the cut in teachers' salaries and sometimes the downgrading of teaching staff itself makes for an uncertain future.  I could go into being a ESL teacher, but I will have to work with getting extra language degrees to make up for the other half of the description.  I could make that up during my time at Kean University.  I'm still going to pursue that path, but I'm to try and find another program where I am assured a position when I end my classes.  Schooling is so important for the average person because, according to Forbes Magazine, it assures them an income of $57,000.  The problem with that figure is that with school loans, some at a 12% interest rate, can take your income down substantially.  This can reduce your chances to stay afloat, especially when you are dealing with the cost of getting an ivy league education.

The average student, that seeks a college education, does not have the money to pay the full tuition.  These persons take out school loans to compensate for that deficit, and continue on with learning.  If you think about it, you are paying for your education, your room and board, your books and other miscellaneous charges.  Nobody realizes that might end you spending a six figure tuition bill, which includes interest and for some penalties.  According to Federal Census results, finishing your college degree gives you the chance to make 82% more than high school alumni.  This figure makes college even more appealing to the average high school student intending on higher education.  The average law graduate doesn't walk after finishing without accruing $100,000 according to Richard Sander, a law professor at UCLA.  If you figure that with interest, the amount you have to repay becomes astronomical.  You need to have your employment lined up, as a buffer, even before your intended graduation date.  You would basically have to hit the ground running so to speak.  With only 50% of the students attending follow through to graduation, and it's even more rare for those who are going through graduate education.

With all of the financial burden, that you accrue as a student, you definitely have to keep your hopes up for a stable future after completing your education.  Many students have to work for their graduate degrees while they work in a field where they have to make money.  The crunch to have stable finances is so very important.  The stress coupled with it can actually take a toll on your relationships and yourself mentally.  Now that the government has taken over the loan process, it makes me nervous to see how they work the system.  The interest is the one part of taking out a Stafford or Non-Stafford loan that clinches you.  Some of the loans range in the realm of buying a small house.  Many people are looking at state colleges or county colleges to furnish a lower rate of debt.  Making sure if you can get the desired degree program really makes things difficult, but it substantially reduces the financial blow.  I am attending a state funded college, and I'm really thriving.  I'm hoping that employment will follow all of this work, because it is really frightening to think if that didn't work out.  Hopefully the economic market will improve enough to remove that obstacle.