I recently heard about an episode that CNN Student News had about Student loans. It was an interesting episode about the present student generation, and the amount of debt that they accumulate. The episode can be found here. Most of the information I’ll be sharing, will be courtesy this episode.
It turns out that the generation born in the 80s and the 90s are the most educated, the largest group, and most in debt group in the generation, according to the student news episode. They say that this generation has about 80 million people in the US between 18 and 35. The average debt that students have leaving college is $21,000. Many students have more debt, and others have less. There are many tips and pieces of advice they gave people about the student loans, and how to manage them.
One important point is that students should live like students while they’re pursuing their college degree. This will help them do all they can to reduce the amounts of loans necessary for them to get by. The other piece of advice is for undergrads to try their best to finish their degrees within 4 years. That is very important.
My favorite advice is to try to go to an in state public university, which is usually the best bang for the buck. On average, public university’s cost more than $9000 per year. Also, some of the advice given is assuring that students don’t need to take out more than what they need to barely get by… In addition, they are also stating that students should make sure that they pay off their loan payments on time. If they don’t, it will affect their ability to reacquire loans, or request loan forgiveness. In addition, they recommend not accumulating debt more than your potential annual average starting salary.
In addition, the video talks about other issues regarding student loans that are affecting students. They say that many of these students, 30% of them, live at home and still accumulate great amounts of debt. In addition, they said that previous generations used to get married in their early 20s, and now this present generation does not before the age of 30. This generation wants to do their best to pay their debt off, before taking on responsibilities, etc.
Also, the rest of this CNN Student News edition talks about interview tips, if anyone is interested.