The student debt scenario is enough to scare the prospective college students from enrolling in colleges and having to join the bandwagon of loan defaulters once they graduate. It is not surprising therefore, that the students instead going into colleges are looking for jobs to secure their financial condition. But there is hope for the students yet. If they plan well they can complete their education by taking a loan for a lower amount.
Start off at a community college
Most of the universities accept transfer credits up to a certain level and therefore, you can complete the first two years of your college from a community college and then graduate on to a more prestigious university. This will help you in two ways. Firstly, despite the 8% raise in the tuition of the community colleges, it is 1/5th of the cost of the private colleges. Also, you will be able to commute from your home and therefore, you won?t have to pay for any room and board. Thus, you will be saving anything from $20,000 to $36,000. You will end up saving a lot on your tuition even before you complete your studies.
Scenario after you graduate
Once you graduate your first lookout will be to get a well paying job. So, if you are unable to secure it your degree will be a complete waste. If you are graduating with English or a philosophy majors then you can easily earn about $2 million in a 40-year working life. An off-beat choice in majors like psychology or business administration can open many doors for you in a number of industries.
An important thing that can help you secure a good job is by getting the correct platform in the form of a good placement office. It is true that most of the best ones are in the private colleges but there are some very good ones in the public schools as well.
Another huge help are the internships. According to a survey, students who had undertaken an internship during their graduation years are more likely to get an offer as soon as they finish their graduation and are also likely to be paid about 31% higher than those who had never taken an internship. An internship is not going to pay you much. But you will be able to earn enough so as to avoid the negative consequences of student debt.
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Source: http://monsterhols.com/loan/take-a-smart-step-and-avoid-an-outstanding-student-loan.html
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