Since most students are loan borrowers, they find it hard to make payments. Their average credit scores are lower than the national average, which is 656, compared to 711 for everyone else. This is a huge difference and can potentially take graduates years to rebuild this credit after missing payments.
With the global economy in dire need of a miracle, crises on the national level like student loan debt continue to worsen the situation. We hear news about the college tuition crisis every day, but are we doing anything to resolve this crisis? Perhaps, this could take years, maybe decades, to resolve. Did you know that the current student debt has exceeded $1 trillion? This accumulated value far exceeds car loans and even credit card debt. So, no matter how you look at it, this is a crisis for the borrowers and the federal government.
The current United States President, Joe Biden, has proposed to make college tuition-free so that it can benefit students with lowered income. These aspiring students don’t have the finances to reduce overall borrowing. That’s why education advocates are calling for tuition-free four-year programs as well. But the tuition-free arrangement doesn’t include living expenses on and off campus. Still, it could take years to bring changes, but what about the students who want to acquire a college education? We have enlisted some possible solutions for you.
People take community colleges relatively lightly, but they can be helpful for high school graduates. For starters, they can prepare students for the academic pressure that college students usually face. Since community colleges offer two-year programs, students can work and study and prepare themselves for professional life.
Further, enrolling in a community college doesn’t deny you an opportunity to get into your dream IVY school. In fact, it will improve your chances to transfer your courses there and continue the remaining part of your four-year program in a well-reputed institute. The best part about enrolling in a community college is that you can secure a scholarship and save up when transferring your courses elsewhere.
Charles Chadwick shares that he received his earlier education from a community college. It helped him secure his finances and for tough college life before it started. Further, he was also able to explore his options and choose a degree, and earned construction certifications that were most beneficial for his professional growth. So, if you’re thinking of ways to minimize your student loans, community college can be a great start.
The most efficient way to pay off student loans quicker than the due date is to pay ahead of schedule and more than the minimum amount. Initially, you may find it difficult ,because you just started earning an income and have to pay off debts. This can feel like a punch in the gut and is definitely a bitter pill to swallow. Unfortunately, paying off an extra amount isn’t a simple ask. Most loan service officers adjust your additional payments in their own way. So, you have to ensure that the additional amount you have paid goes in the right direction.
If you want to pay off your student loans faster, try revising your repayment plan into shorter terms. These terms usually result in a higher monthly plan, but you must ensure you can afford the new amount. Remember, federal student loan borrowers can access different repayment plans. All you have to do is log on to your FSA account to see what plan you’re currently enrolled in and switch to the shortest version.
Most college graduates wish to become debt-free as soon as possible, but are unaware of the options. For instance, you can divert your windfalls toward your student loans. Windfalls are unexpected cash returns like tax refunds, work bonuses, and inheritances. Anytime you get a good amount of money you weren’t counting on, that counts as a windfall.
With the windfall amount, you can decide how much you want to allocate towards your loans. This is a crucial time, so try not to get overpowered by the extra income and cover immediate necessities like paying off student loans, your priority.
Most finance students are quite sharp in this regard, because they have studied how interest rates and debt repayment works. But even if you’re not, this can be a good option. For instance, you can pay off student loans with a high-interest rate through refinancing options. It means you can switch to a new lender offering a lower interest rate on loan.
The only downside to this option is when you’re acquiring federal loans. When you refinance them, they lose all their benefits, including an income-driven repayment plan. Further, you’re no longer eligible for loan forgiveness programs and forbearance periods.
Charles Chadwick has experienced everything and has come out on top through simple, but effective measures. His book, College Checklist, is a guide that could potentially transform your future. In his book, he shares his experience and the struggles anyone faces while considering a four-year college degree. But you shouldn’t keep all your eggs in the same basket. Charles wants to help aspiring young adults plan ahead by suggesting different options. They can only pay off their student loans quickly and live a good debt-free life. So, order your copy of Charles’ book from Amazon today.
Two elements, home ownership, and college education, are both parts of the American dream. Every individual who graduates high school strives hard to achieve both of that. However, fostering both of them at the same time can be impossible for most people. In times like this, one might think that tuition-free college education can be the answer, as suggested by Joe Biden. However, for now, those who want to enroll in the next session shouldn’t wait for Joe Biden and start prepping themselves.
When you’re in high school, career counselors motivate you to take the SATs and get yourself enrolled in a good college. Investing in college is worthwhile, especially when we live in times of economic turmoil when even the most talented people are left struggling. So, it would be best if you had educational development to survive and thrive in today’s competitive market. But it’s no secret that tuition fees for these colleges have skyrocketed. Research indicates that millions of Americans have amassed unsustainable college debt to access higher education.
Another concerning reality is that the persistent aggravating condition of economic and racial inequality is making matters worse for these young adults. Further, it’s not just the tuition fees rising; other expenses such as students’ living costs, housing, transportation, and food have also increased. So, how can one achieve economic stability and enjoy a prosperous career after having accumulated backbreaking college debt? Easy – through community colleges.
Learn a TradeCommunity colleges offer the most affordable education options in the country. A person looking to attain good higher education should opt for a community college to complete the general education courses. If they perform well, they can transfer to a 4-year college program in the degree of their choice. You can also proceed to study in a community college, because it’s not only affordable, but you’re also getting a good college education. There are other financial benefits of enrolling in a community college. Today’s detailed discussion showcases the importance of education and how you can achieve a good college education without ending up in backbreaking debt.
We already had a brief discussion about community colleges having lowered costs compared to other schools. A college education seems like a distant dream for someone with a financially struggling background. Research indicates that only 13% of low-income family backgrounds earn a bachelor’s degree in their early 20s, compared to 64% of students from wealthier backgrounds. This is alarming, given that enrollment continues to decline across higher education, especially for those not enrolled in community colleges. However, community colleges reduce the financial burdens placed on students, especially those from poor backgrounds.
Research indicates that community colleges cost about one-third of the tuition fees of four-year public universities. An example reported that Washington residents attending North Seattle College would pay around $4,100 per year, while those attending the University of Washington would pay around $12,000 per year. That’s a huge difference, especially for those from poor financial backgrounds. Further, community colleges also have resources to eliminate financial barriers that students may face during their studies. Other scholarships and need-based financial assistance help them acquire a college education without drowning deep in college debt. He also avoided different expenses, like the room and board fees. The concept of a room and board in college refers to a student housing scheme that includes meals. It can cost a great deal of money to bear those expenses, and you can’t avoid them, because everybody needs food and shelter. He could also pay college fees without taking a single loan. Something worth pondering, no?
Charles Chadwick, the author of the books College Checklist and Cultivated Circumstances, shares that his local community college played a vital role in his education. He acquired an associate’s degree and several trade classes/certifications that improved his chances of enrolling in a university of his choice. These trades/certifications were quite beneficial for Charles. He was able to acquire construction experience, which helped in his employment process, and later when he was searching for a house of his own. These community colleges sometimes offer certifications or diplomas that are quite advantageous if you’re looking for environments in different fields.
The Bureau of Labor Statistics reported that 75% of the contractors fail to find qualified workers. High school graduates are forced to enter colleges that do not offer such certifications. These trades can make a difference for young adults searching for employment opportunities.
Those opposed to community colleges claim that such colleges are a waste of time and manipulate students into enrolling in a four-year program that may cost them a fortune. However, that’s not the case. If you think about it, you’re getting a two-year degree after high school, which makes your academic portfolio worth being acknowledged. And it’s not a waste of time, given that many jobs in the market require a two-year associate’s degree rather than a four-year bachelor’s degree. So, this can be a great way for you to start your professional journey.
In some cases, community colleges are considered a prerequisite for transfer to a better university program, which might give students more time to figure out their academic options. Since universities typically offer a broader range of degree options in more specialized areas of study, you have to think about what you want. We suggest that you think about your career aspirations before committing to a decision while getting enrolled in a community college.
Another thing you must consider is the experience you’re looking to attain from college, whether a university or a community college. A four-year university program is a viable option if you’re looking to become a medical doctor. But a two-year associate’s degree could also be a good option if you want to enroll in a business degree. Nonetheless, the choice comes down to your career objectives and life goals, and there is no wrong answer here.
Gone are the days when community colleges were blamed for reducing the quality of education. Even during the early 2000s, an associate’s degree from a junior college was looked down upon. People generally assumed (and it was true for the most part) that academic standards were lower and the classes weren’t rigorous. However, during the last 15 to 20 years of educational development, community colleges have improved their standard of education.
Students also claim that they learn just as much from a community college as they might from a university. The curriculum is similar to what you might find in a four-year bachelor’s university. Further, professors in a community college must have a master’s or, in some cases, a doctorate in their respective fields. You might indeed study from some inexperienced and younger teachers here and there, but you can also find seasoned veterans in the field. Further, these young teachers are enthusiastic about passing on knowledge to students and are eager to become better teachers. So, if you’re thinking about enrolling in a community college, stop thinking and do it.
We talked about how Charles Chadwick saved on dorm room expenses by staying close to home and enrolling in a local community college. Not just Charles, several other students saved a fortune by enrolling in a community college and staying in their parent’s place. That’s what community colleges offer to the students. On top of the quality education, community colleges facilitate ease of accessibility and a sense of comfort.
Further, the open-enrollment policy in community colleges allows students to make local friends and not move far away from their homes. These colleges also want to cater to the local audience and improve the number of college grads in the area. Let’s not forget that most students don’t even consider college education, because they cannot afford tuition. So, institutions that care about offering higher education to young adults at affordable prices and convenience are no less than a blessing in disguise.
Imagine that you’re enrolled in an Ivy school and feel stuck. Let’s think about it. You’re enrolled in a good school and chose a program you want to change. But you’ll be surprised that the courses you completed wouldn’t be considered prerequisites for the new major that you’re planning to choose. That’s a lot of money and time lost.
A community college offers you a chance to test the waters that will drastically cost lesser than a four-year degree university. Further, you can also explore different classes and fields to learn which career path appeals to you the most. A community college education can be especially beneficial for students who just graduated high school, because they can achieve personal growth and mature during this time. During this phase, they can learn multitasking and time management skills, which are crucial in different professional settings. Yes, you can learn all these elements in a four-year degree college, perhaps, even better, but other distractions can impact your academic learning.
