Avoiding Using Student Loan - 932 Words

Avoid Using Student Loan Most Millennials constantly try to stay on trend, and believe that a high-paying job is very important to do so. With the state of the economy, I have to agree I feel the same way. College is a means of furthering one’s education, gaining more knowledge and a foundation stone to securing a career. However, the means of attaining a college education is rather tedious. The bane of going to most colleges is paying tuition and fees but this is unsurprising, nothing good comes for free and neither does a college education. At this junction, is where we each differ? Some decide to go to cheaper colleges, while others yearn for a much better standard education. Consequentially, the best colleges cost more. Though the problem is not solely about going to either a cheaper or expensive college, it is about building an effective financial plan towards whatever kind of college you choose. Financial aid is available for this course, but accepting student loans should be generally avoided. I believe college students need to be aware of the abundant means available to pay for college aside utilizing student loan; college students should regard accepting student loan as a last financial resort. Many people would accept my previous statement to be common knowledge, but it seems not to be so. Most student loan seekers are either not fully aware of the disadvantages of student loan or do not consider these disadvantages. A piece I came across while researching titledShow MoreRelatedThe Student Loan Market Is A Growing Component Of The U.s. Economy1738 Words   |  7 Pages The student loan market is a growing component of the U.S. economy. Student loans are the second largest source of household debt. Assisting borrowers with the loan repayment process, like finding the right repayment plan and avoiding default, is an essential component of preventing further drag on the economy. Further, illuminating practices unfriendly to consumers and improving student loan servicing can potentially decrease the default rate and expedite the repayment process. To end these practicesRead MorePersonal Finance Curriculum And Video Series861 Words   |  4 Pagesfoundation (at least for us teenagers) is to establish a $500 emergency fund. For adults, the recommended amount is 3-6 months of expenses, but the principle remains the same. The emergency fund allows you to always have money to cover surprise expenses, avoiding having to go into debt during an emergency situation. To do this, you simply create a bank account separate from your regular checking or savings accounts, put money in, and only bring money out of it in the most dire of situations. It may be temptingRead MoreThe Personal Finance Class Through Dame Ramsey s Foundations Essay857 Words   |  4 Pagesfoundation (at least for us teenagers) is to establish a $500 emergency fund. For adults, the recommended amount is 3-6 months of expenses, but the principle remains the same. The emergency fund allows you to always have money to cover surprise expenses, avoiding having to go into debt during an emergency situation. To do this, you simply create a bank account separate from your regular checking or savings accounts, put money in, and only bring money out of it in the most dire of circumstances. It may beRead MoreConcept Of Circular Flow And The National Economy1516 Words   |  7 PagesDescribe how individuals and businesses ea rn income by selling productive resources. They receive the difference between the monetary value at which it is sold and the cost they had to pay to make it. 2.1.2 Circular Flow and the National Economy – Using the concept of circular flow, analyze the roles of and the relationships between households, business firms, financial institutions, and government and nongovernment agencies in the economy of the United States. Businesses → Buy resources, sell productsRead MoreShould College Be A College Education?1614 Words   |  7 Pagescollege students have no idea how much their higher education is going to cost. This leaves many with student loans that can seem unpayable, and when the economy prevents them from finding a job out of college, it only proceeds to exacerbate the stress and grief created from these debts. For example, one college graduate, Jason Comfort landed a full time job (his dream job, even) and is even willing to take on roommates to support his debts. Jason Comfort has about $160,000 in student loan debts (VaselRead MoreReforming Higher Education Through Sustainable Contribution Funding1313 Words   |  6 PagesContribution Scheme as a reform policy that allows more Australian’s to enter higher education, which will strengthen national competitiveness in the increasingly knowledge-based global economy. BACKGROUND: 2. Between 1975 and 1987, the total students enrolled had increased by almost 50 percent. Graduates from the sector’s 65 universities had risen by 12,000 in eight years. 3. Despite the growth of the sector, Australia is not matching the performance of other OECD countries in delivering tertiaryRead MoreArticle On The Credit Card Myth1351 Words   |  6 Pagesmeant, I got my first credit card two months after. As a matter of fact, I got a free slice of pizza just for applying, and at the time for a broke college student like myself, I just came up. Fast forward several years with some reflection, I realized there was little truth in her statement; she failed to educate me on how to manage credit and using the credit card as a financial benefit. Let s be clear, it would not be fair to blame my grandmother for my financial suffering. One cannot teach whatRead MorePersonal Financial Management1641 Words   |  7 Pagesamong most approaches to successful personal finance management. The three most basic premises are managing personal cash flow, avoiding personal debt growth, and maintaining retirement savings rate. Creating a plan that accomplishes th ese three aspects of money management will, without doubt, help develop a path for future financial security. Managing Cash Flow Using the basic budgeting technique of tracking income and expenditures can reveal some telling facts and a number of ugly truths aboutRead MoreMicrofinance As An Opportunity For Sustainable Development1661 Words   |  7 PagesMicrofinance as an opportunity in sustainable development Case 3 Microcredit in Rural Bangladesh: Is It Reaching the Poorest? Due: 02/10/2015 Student Name: Patel Nimisha Student ID: S2145218 Article Details This critical analysis is done on the journal study titled Microcredit in Rural Bangladesh: Is It Reaching the Poorest? which was published by the Journal of ESR. The analysisRead MoreThe Benefits Of Accounting971 Words   |  4 PagesFirst we must calculate the profits from loans, credit cards, and other products by customer category, by using the ABC data. Then, compare 50 percent of the cross sales profits from low-balance customers with the total loss from the low-balance checking accounts. If you then you realize the profits from cross sale are greater than the loss, I believe you could eliminate the free-checking for low-balance customers. That being said, we have seen several examples of these feeing being introducing