There is a lot of conversation surrounding Student Loans and Student Loan Debt, but, I don’t often see it so well illustrated as in the video below. Student Loans (and Parent Plus Loans) are crushing an entire generation.
FIRST LESSON: Choose an EMPLOYABLE DEGREE!! When I work with students, the very first thing that I do is to give them an assessment that looks at both aptitude and interests and helps them discover what they are suited to do! I also encourage students go on Informational Interviews, really explore the career options, know what you want to do BEFORE you start. Changing majors typically adds another year or two to college.
SECOND LESSON: Forget about RANKINGS!! I know that is not a popular opinion, but, MAJOR is more important THAN where you graduate! College selection is CRITICAL! On average, my clients save $8,000 – $20,000. Until we, as parents, refuse to pay the high price of college, tuition will continue to go up. Be a smart consumer!
***The caveat to this is that if loans have to be a part of the equation, then, student loans should come first. I also encourage my parents to let their kids “pay something” for their education. They can work, use their own savings, or get a student loan. They should have some “skin in the game”.