Dreams and Student Loan Debt

What do you want to be when you grow up?  Me?  I don’t know, but I’ll let you know when I do finally grow up….. (imagine a rim shot here).  But seriously, it’s a big question that our kids are thinking about early on in their lives.  As most of us adults know, that will probably change over time, perhaps even mid-college degree.

A poll put out by Fatherly and the New York Times reported the top ten careers that kids want to do.  At the top of the list were doctor and veterinarian.  Great professions.  Very noble work.  A LOT of student loan debt.  After just a quick search online, I found those in each of these careers could VERY easily end up with over $100,000 in student loan debt.

That’s a new house.

So NOW What?

You’ve done it.  You set a goal and, after years of work, have finally accomplished that goal.  That’s right, you finished your college degree.  With that accomplishment comes another question.  “So now what?”  That can be a pretty loaded question.  Does it include career?  Just finding a job?  Location?  Home purchase?  Relationship?  Family?  Vehicle?  More education?  Vacation?  There is a lot of think about when you ask “So now what?”.  While these all matter, I have one more question you need to ask your self –

“So now what about my student loans?”

Unfortunately, many people respond with, “What do you mean?  I just start paying them…. or something…. at some point in time….”  Well, yes, that’s true.  BUT THERE’S SO MUCH MORE!

CFR Student Loan Boot Camp

The Center for Financial Resources’ “Student Loan Boot Camp” class helps borrowers take control of their student loans.  A one-hour class, you can attend in-person over your lunch hour or by video conference wherever you happen to be.  The session covers locating loans, understanding loan types, payment plan options, loan consolidation and more!  Student Loan Boot Camp is offered the third Wednesday of each month.  You can register via the calendar link at http://www.LssSD.org or by calling 888-258-2227.

Finally Some RELIEF!!!

 

You have HOW MUCH in student loan debt?!?  Well, did you know you can pay a mere $5 a month for the next year and then have the rest of your debt wiped away?  Wouldn’t that be great?  Only $60 paid and no more student loans!  This would be great, but is also only going to be true if you only owe a total of $60 in student loan debt.

I can’t even count the number of student loan “forgiveness programs” we have heard of in our office.  Just type in a search on the internet and you will be overwhelmed with the options laid out before you.  For some reason, they like to throw Obama’s name into the mix and think it will make it all legit.  Uh……. yeah, no.

Student Loans – 20 Questions You NEED To Know (and the college may not teach you)

‘Tis the season.  Ok, so that line can be used for a lot of seasons.  This one, specifically, is that season of the empty nesters.  Drive by any college campus and you will know what I mean.  There is the happy student that can’t wait to be on their own, the stoic father standing by offering quiet support, and the mom tearing up over her baby all grown up.  Yeah, maybe it’s a little idealized, but you get the point.

It’s also the season of signing.  I’m not aware of any school that will let you attend classes without their knowing how they are going to get paid.  So you have to go sign all of those student loan documents.  I’ve been there.  “Just sign by the X”, and so we do.  With the ever increasing student loan amounts, I wanted to offer up 20 questions you should be able to answer BEFORE you sign by the ‘X’.  You may not think about it for another 4-5 years, but now is the time to make sure you get it right.

Understanding Financial Aid

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February is Financial Aid Awareness Month. This is a time when high school and university counselors and representatives encourage college students and those students college-bound in the fall to complete their