If you are reading this and you’re debating whether to go to college or not due to concerns of the student debt crisis, I want you to know one very important thing…
The World Needs Want You Dream About
I need what you dream about! Your neighbor needs what you dream about! The lady down the street with way too many cats needs what you dream about. You are unique in how you feel things, interpret things, plan for things, and envision things. Your life may look like a lot of people’s, but your circumstances and environment give you a certain empathy that is worth sharing.
If you are reading this and you are struggling with student loan debt, I want you to know one very important thing…
You Are In Control
Debt, of any kind, does not own you. It may seem like it – It may seem like it’s just suffocating you, but that’s when you need to stand up and take charge! I am a planner. I don’t like surprises that make a circumstance harder or more difficult, and I like to have some control over what’s going on. Fun surprises…bring it! Traveling without GPS…God help me, but sure, bring it! But when I feel overwhelmed and like I’m losing control, that’s when I need to stand up for myself, pray for strength, and then tackle whatever roadblock is in front of me. You can do that too!
How do you handle college debt?
A survey from 2017 said that “Two-thirds of Americans don’t have a plan for their life.” It goes on to say that, “Of those who do have a written life plan, 35 percent say it helps them set goals and gauge progress; 31 percent report it keeps them on track and provides a roadmap; 15 percent say it’s a reminder of priorities; 13 percent say it has helped them plan for the future; 9 percent say it has helped them with end-of-life decisions; and 9 percent report it’s helpful in financial and estate planning. Of those who do not have a written life plan, 48 percent believe it would be valuable for similar reasons.”
Time to Plan!
So, whether you are a planner, not a planner, or part of that 48% that thinks it would be a good idea to plan, get a plan in place that works for you and your goals. How do you do that? Here’s a few simple ways to get started:
You have student loan debt:
- Make a list of all your loans with the payment amounts, due dates, interest, how much you owe, and the length of the loan. See all the information on one page. No surprises!
- Take those numbers in, breathe, and start to strategize on how you can bring more money in or free up more money in your budget.
- Investigate repayment options that work better for your current circumstances.
- If you’re behind on your payments, don’t delay – act now by contacting the lender. Putting it off makes things worse! Being proactive shows initiative and gets a solution moving faster.
- If you’re considering consolidation, do NOT do it with a credit card (nope, nope, nope!). Look for a FIXED RATE plan and not a variable one. And remember that you can only consolidate once.
You’re nervous that you’ll have to get student loans and accumulate debt:
- Time to strategize on how to lessen that possibility!
- Taking your first 2 years at a Community College can knock out your G.E. requirements at a much lower cost than doing it all at a 4-year college.
- Look at in-state schools that offer tuition at a lower rate.
- Understand the career you’re shooting for and whether the school you’re looking at offers the best path for it. If you don’t know what you want to do for a career, see the first point again.
- Apply like crazy for scholarships and grants. So much money is out there!
- Can you attend a trade school instead?
- If you’re still in High School, concentrate on good grades and extracurricular activities that make you a stand out candidate.
- Understand your net price and how that can help you determine which colleges are affordable to you.
Planning is not glamorous, but your future self will thank you!!
When it comes to handling student loan debt, time and knowledge are the main tools you’ll need. Know as much as you can as early as you can, never sign a loan or agree to any financial aid package you don’t FULLY understand, and be proactive when it comes to paying it off. We all hate debt and yet, it’s become a huge part of our culture. The peace we want does not start with the school system changing or the government providing another means of debt forgiveness (topics for another day!), it starts with you and what you’re going to do in the next moment. Take back control, and formulate a plan that is transparent and honest. Your goal is financial freedom and you can do it! It’s not a piece of cake right now, but the effort is worth it to enjoy the whole cake in the future!
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