“Study hard in school, go to college, so you can get a good job,” is what parents always told their kids. Depending on what you studied in school, you may or may not have a good job.
Being buried in tens of thousands of student loans and having a debt recovery service calling you is the more likely result.
Student loans is not uncommon. Actually when it comes to debt, there no problem more common. Over $867 billion is owed in student loans. That is significantly more than the $734 billion that is owed in auto loans or the $704 billion that is owed in credit card debt. The problem is significant and it is not slowing down.
There are two reasons that this problem is happening. The first is that the wrong majors are being chosen by students. They are choosing a field that they will enjoy and have interest in.
Choosing something you have interest is fine but you must do the research to see if that field is going to be in demand by the time you get out of school. If you choose the wrong major you could wind up in serious debt and end up getting involved with a debt recovery service instead of finding a job.
The second being that college is seen as a necessity. It’s also the reason why the debt is growing very quickly. It is a cycle. You need college to get a good job. You need a job to earn money. You need money to go to college. If you choose to jump into the cycle, you get one chance.
You get student loans and you go to college. Choose the right course of study, get a good job and be able to pay off those student loans. Choose the wrong course of study and you could be buried in student loans and have debt collectors on your trail.
Student loans is the most significant problem when it comes to debt. It is very hard to prevent debt from student loans because as earlier stated, it is seen as a necessity.
The best way you can attempt to prevent student loan debt is making sure to choose a major that will be in demand when you graduate.
It’s great to do something you like but if jobs are not available, there is no point and you will be buried knee-deep in debt with a useless degree balled up in your hand. Choose wisely.