It is something that nearly every college student faces—it is the issue of paying for college. There has been much discussion among the mainstream media, political figures, and most importantly, college students. The student loan crisis is hindering younger generations from reaching their socio-economic potential. I believe that a common sense financial plan can help resolve the student loan crisis.
First, I do not owe anything in student loans. Was it because I grew up in a rich family? No. I grew up in a working-class family that struggled during the great recession of 2008 and 2009. When I became a junior in high school, I had more concern about how I was going to pay for a bachelor’s degree. I automatically assumed that I would need to take out a student loan just so I could be the first person in my family to graduate from college.
In high school, I was required to take a personal finance course, and it was then that I was introduced to Dave Ramsey curriculum. Dave Ramsey taught me financial skills that are going to last me a lifetime as I apply them in my late teens. It is so easy to sign off on a student loan. Why? It assures you that your college tuition is going to be paid for. I chose a different approach; I made a vow to myself that I would never take out a student loan. I began by taking dual enrollment courses through my local community college. These courses were paid for by grants. It also got me a semester ahead to completing my college degree.
Second, I began looking at schools that were affordable. I worked my butt off in high school to make sure I had a decent GPA and high ACT so I could gain more scholarship money. It paid off! I narrowed my school options down to about three options. I looked past the pretty brochures and looked at the total cost to go to that school. There were some schools that were simply out of my reach. Why? Because I did not have the grades to obtain the scholarships needed to pay for school. So I cannot stress how important is for high school students to perform well academically.
Third, community college was always an option. If you do not receive a lot of financial aid, then community college is an excellent choice. It makes absolutely no sense to pay five times as much for a common core class at a private university that you could get at a community college for much cheaper. Don’t be an idiot! You are the one signing your name to that loan! Make sure that you have looked at every possible option to take out the least amount of loans that are possible.
This is your future, after all.
