Student Loan Crises- Borrowed Future
Updated: Oct 19, 2021
Having 2 kids in college, I get the challenge of the cost and balancing loans & education. However, as a coach, my consultations and clients all say the same thing- "I wish I'd never had taken out these student loans", "I would have done my education differently" or "I didn't realize how much in loans I had and how much the payment would be". That's because we are so focused on the school and going to college, that many don't stop to calculate the cost of that degree and the payments the parents or future graduates will have. We spend thousands for a 4 yr degree that then for many, hang around for 20-30 yrs! I'm not saying college isn't a good idea- what I am saying, we need to think differently about the cost of education and other alternatives/different school options. This documentary is really good and informative.
As an aside- I worry about what is coming in February when those payments have to start. I encourage everyone to be paying on them NOW. I know you don't have to and that no interest is accruing, but imagine if you got the principal lower - you'd pay less interest. What is going to be different with your income in October vs Feb? Start now!
Ramsey Solutions has a new documentary on Student Loans (there is a $4.99 cost and teachers are free).
Driving and looking for some good information, there is also a podcast with 8 episodes on the student loan crises. I listened in my car while traveling to lax tournaments a year ago. I didn't think Emma was listening, then one time she was quiet and I asked her what she was doing. She shared "looking up scholarships." Guess she was listening.
To purchase the documentary for $4.99- watch here- it's worth it!