Do you have kids that live at home or have grandkids then this may help give you ideas on helping this with their financial future. College costs can really be expensive if you don’t have full ride scholarships. Difference between being debt free after college or having lots of debt could be driving a moped instead of a car or living in a dive apartment or having a house.
I have known many adults from work and friends that when they were done with college they had debt ranging from $25,000 to $268,000 is the highest I have personally heard of. But they the debt payments they have to pay back are crazy high also which leaves them less money to live on or to invest in a future retirement.
The average student leaves college with about $25,000 in student loan debt. The monthly payment on a $25,000 student loan is approximately $280 (assuming 6.8% interest and a 10-year repayment plan), which can cause financial strain if you’re not prepared for it. From cicmoney101.org
So, think if you owed ten times that amount what your payment could be. I know there are many different types of loans available and it is good to check with a financial expert before signing any loan papers. They make it pretty easy for the money but then when you are done with school they aren’t always easy to work with.
Some of the things that cost certain kids so much money for college was;
1. A lack of scholarships.
2. Going to a Private College instead of a State College.
3. Going to an out of State College instead of in State College.
4. Changing Majors.
5. Studying abroad.
6. Using loan money for personal items, fun things and trips.
7. The list could go on and on. Everyone has many excuses.
Here are some ideas to think about if your kids won’t be getting a full ride to college;
1. Maybe talk to them about going to a Community College and living at home for the first two years.
2. Maybe have them take online College program and work a job at the same time while living at home.
3. Get a job so they can try to stay debt free during college. If they live at home while in college they will save a ton of money just there alone.
4. Maybe look into the Military. They have a lot of options they should look into and learn a skill while getting paid and protecting our country.
5. Maybe look into a trade school instead of college. They say there will be a demand for people to learn trades such as Truck Driver, Construction Worker, Electrician, Plumber or many differ Computer Programming programs. Some are as little as 9 months long and then you are off to making some money. Some even pay while you are in school.
We try to be upfront with our kids about the costs of life and the importance of continued learning through life. We want them to know the importance of living debt free and the options they have if they don’t put the work in during their school years. Our boys have no excuses for not getting straight A’s. They have no jobs, no activities, no learning problems or physical problems. They just don’t want to put the work in. We keep telling them about choices and consequences.
Mrs. RE and myself are not going to put off our retirement years because they want to play more video games then they want to get good grades. They are making their choices. We have daily talks with them but they have to take action for their lives. We won’t be paying for their college expenses and they know it.
Are your kids going to college or was in college? How are they doing? How much debt do they have? Did they get a ROI from college? What could they have done different? How much are you helping pay for their costs? What did you do to prepare them for being an adult? What are your thoughts?
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