Average Student Loan Debt Rises

CNN states that "The average debt load for the class of 2012 was $29,400 -- up more than 10% from the previous year, according to a report released Wednesday by the Institute for College Access & Success' Project on Student Debt." It's funny though, because colleges have been raising the tuition per year. As colleges become more expensive, family incomes' become less and less. According to research, seven in ten seniors graduate from college with student loan debt. Among them, a fifth of that debt was owed to private organizations. They usually have the highest interest rates, which equals more unnecessary money being paid. With that being said, a job after graduation is not even guaranteed. A college degree is much better than none at all. "Despite discouraging headlines, a college degree remains the best route to finding a job in this tight market. But students and families need to know that debt levels can vary widely from college to college," TICAS president Lauren Asher said. College debt is good debt. New Hampshire is reported to having the highest amount of average student loan debt. It racks up to $32,698. Needless to say you should shop around before drowning yourself in debt that will only increase.There are actually 5 myths of college costs that no one knows. Myth #1: Saving for college will hurt your chances of getting financial aid. Why? What matters most for federal financial aid is income. Myth #2: You can't afford a private college. Why? A $39,000 school may actually give so much merit aid to a good student that it would be cut down to $10,000, not including loans. Look for what colleges will give out the most money depending on the circumstance. Myth #3:  A liberal arts degree won't pay the bills. Why? The top-earning 25% of history majors earned a median annual lifetime income of $85,000 vs. $82,000 for computer-programming majors, per a recent analysis by the Georgetown Center on Education and the Workforce. Also, lower paying jobs typically have better job security, so it would pay off in the long run. Myth #4: Student loans will cripple you financially. Why? Education is important, and student loan debt is good debt. Keep in mind that the loan has to be paid off eventually, it is NOT free money. Be reasonable. Myth #5: Starting at community college, then transferring, is a great way to cut the cost of a BA. Why? Students who start at a community college are less likely to earn their bachelors' degree. Many 4 year colleges make it difficult for credits to transfer over. Check before you put down your first payment.

Why are we such in a hurry to grow up?

Think about it. It's your first day of your senior year and your teacher explains student loans. Overwhelming, isn't it? And in the next minute you're buying a car, and then renting your first apartment with 4 roommates. In a blink of an eye, we move on to the next stage of life. It's so sad because, as teenagers, we forget to stop and take it all in. Every move we make have some impact, no matter how insignificant it seems at the time, on our future selves. There's a misconception that when we reach a certain age, something magnificent will happen. Truth is, even if you're 40, there will always be someone telling you what to do. At 35, there are going to be so many bills you won't be able to stand it. At 24, your car might break down. Just because you turn 18, you don't suddenly gain a sense of mature wisdom that you didn't have yesterday. Life isn't about getting to a certain point of absolute bliss. The real enjoyment is getting to take each step along the way. Be smart. Be savvy. Don't waste time wishing for the future, welcome it. So...what does yahoo answers have to say about being in a hurry to grow up? One answer was "Everyone is in a hurry to get where they think they want. Then once they get there, they realize that where they were, was where they they wanted to be." Another answer was "There is a lot of invincibility one feels at that age - kids just don't see that there are potentially dangerous repercussions. The real problem is that even when parents try to tell kids about the dangers, kids don't believe them because in most cases their life experience has never suggested that dangers exist. (seeing is believing)." Although these answers may be cliche and cheesy, they are correct. Think about the future, embrace the surprises, and change with the times.