Image via WikipediaIt's that time of year for both parents and students, the time to figure out how to pay for college tuition. With the average price of tuition alone being over $26,000 a year for private colleges, and over $9,000 for public universities. The average student loan debt for a four year degree is over $23,000. The average student loan payment is a around $250 for ten years. Recently I have seen a number of clients with $40,000, $50,000 and even up to $150,000 dollars of student loan debt.
When ask what would you do differently they replied:
- taken advantage of the college level classes available in high school
- went to less expensive schools for the first few years
- taken more classes and graduated earlier
- graduated on time
Most shared stories how they misused any extra funds. I know I used extra student loan money to purchase my prized 1968 Volkswagen van. I have heard stories of students using the money for spring break, clothes, furniture and more. What are some of the things you regret your purchased with student loan money?
The one key here is graduating on time. When I was getting my B.S. my Academic Advisor thought I was nuts for taking 26 hours my last semester my Senior year. I calmly asked him if he was going to pay for the extra semester if I didn't take that heavy of a load. He said he wouldn't so I asked him to sign off on my schedule. I did graduate in four years. It can be done.
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