subject: Congratulations 2012 Graduates! [print this page] After serving in higher education for nearly 30 years, I have some advice Don't borrow money for college!
The biggest mistake I see among college students is the unwise use of government student loans and no wonder; most students can borrow $10,000 per year to finance their education through the Federal Student Loan program with a current aggregate cap of $57,500 for undergraduate students. And the worst part, these are entitlement programs if you want more loans than you really need, its yours for the taking, but more often than not, these loans "take you.
The most recent studies show that for students borrowing money to help pay for education, the average student loan debt is just over $25,000 upon graduation. Under current interest rates that translates to a payment of $288 per month for the next 10 years of your life!
So how can you pay for college?
Use all grants and scholarships available to you including TOPS, Federal Pell Grants, local scholarships, etc. There are several good books to help you get through college debt free including "Debt-Free by Zac Bissonnette and "How to Go to College Almost for Free by Ben Kaplan.
Get a part-time job! 15-20 hours per week at $8.00 per hour can give you enough cash to pay for college and to have a little left over. As an employer, when I see a resume from a college graduate who worked while in college, that resume goes to the top of my list.
If you must borrow for education-only borrow what you need for tuition, fees, and books. You dont have extra money now, so you can do without it while in college.
But most important of all, train for a career in a profession you enjoy. Find your passion and pursue it. What you do is not as important as how well you do it,
"Do you see a man skilled in his work? He will stand before kings; He will not stand before obscure men Proverbs 22:29 and Colossians 3:23, "Whatever you do, do your work heartily, as for the Lord rather than for men.
