The American Nightmare

      Why is it mandatory to have a college degree in the first place?  If you were to go back in time for the same job there is a high chance you would be able to get it without a college degree.  In fact, many people that were hired didn't have a college degree, and they don't need it.  The job never changed, yet the qualifications did.  The only explanation that I can think of is laziness on behalf of the hiring department.  

       Follow your dreams!  Follow what dreams?  You want to be a doctor?  That will easily be over $100K.  Plus the interest that is building when you go to medical school.  I hope you are actually good at what you do.  Want to be a lawyer?  Another $100K and a saturated work force that is near impossible to get footing.  You'll have to be the best lawyer around, because if you're not you might want to be comfortable living with your parents for the rest of your life.  

      These are extreme cases of student loans debt, and yet there are so many people that are in that situation.  College grads can't find a job because there are no jobs that are being created.  There are more students coming into the work force than jobs.  The sad part, there is no rush to fix the situation.  We are facing another economic crisis and there is nothing being done to stop or even slow it down.  This Ted Talk is just skimming the surface, and we will dive deeper into this mess next week.  For now, let the numbers sink in.    

        

      

Debt, Death, Debt Again

        My grandfather was a a highly intelligent man.  He accumulated a bachelors, two masters, and a PhD throughout his life.  The man was highly gifted with his mind.  Someone with such a high intelligence would defiantly help benefit the world right?  Unfortunately he never achieved such goals.  In reality he was never able to amount to much.  His debt reached to devastating heights.  He could barley afford the house that he was living because of all the debts.  On the day of his death he owed over $100,000.  Whatever happened to his debt after his death?  Well, that depends on what he borrowed.  

        How do you know your student debt wont pass on after your death?  That depends on the the loans.  According to Melanie Lockert from her article "This Is What Happens To Your Student Loans When You Die"  she says that federal loans are forgiven after death.  So your husband or wife, or whoever you are afraid of taking your debt will not.  Private loans aren't as forgiving as federal loans.  They are a lot more tricky and could cause serious problems to your family if you were ever to pass away.  Lockert goes into more detail on how to avoid such problems and to double check who is cosigning your student loans.  

       Going through student loans is a scary thing to go through.  It may even more of a nightmare for your family after your untimely demise.  So in order to prepare for such a situations, and hopefully never have to go through with it, is to educate yourself on the situation.  Here is a heart breaking question that will take a deeper insight of student loans and death.  I won't tell you what the question is, so you will have to click and see.        

How to Prepare for Student Debt

       Finishing college is a major achievement for an individual.  If you have finished college Congratulations!  You have taken a major step into being an active citizen in the community.  Now, instead of destroying your self esteem with the depression and sadness of student loan debt I will instead give you hope.  
       The steps that I will provide for you are not my own.  This information can be credited towards Kathy Hopkins "7 Ways to Prepare for Student Loans" and Ryan Lane "6-Month Plan to Prepare for Student Loan Repayment".  These steps are a portion of the guide that I will be following to insure the safety of my financial future.  
       The first step should be a no brainier, but is something that many people just simply do not do.  You must track down your loans.  Know who you are paying, because when the time comes that you need to start paying they will have no problem finding you.  Think of your debt as if it were a war.  You have six, maybe nine, months to plan for your battle, ignoring it will leave you defenseless and will cripple your future.  Instead, plan the attack.  Find out who you owe money by going to National Student Loan Database.  This is a good start but it will only find federal loans.  If you have any private loans the best way track them down is to go to your school to contact your lenders.  
        Make interest payments straight away.  Your grace period before your payment isn't just sitting there, it is gaining interest.  Once that grace period is done the interest that accumulated during it is capitalized on to your principle.  This means you are paying more than you expected, and you are paying more monthly too.  Doesn't seem fair, but it is life right now, all we can do is help prepare to fight it.  
        Looking for forgiveness programs is a sure way to help out for student debt, in the long run.  The most popular is the Public Service Loan Forgiveness.  However, in order to receive the forgiveness you must make 120 eligible payments in a 10 year span.  Missing one will nullify your chances of being forgiven.  You also need to be employed at the job that provides forgiveness to be eligible.  So if this isn't the life for you, you might want to start looking for something else.  If it is then stay with it and be sure to never miss your payment.
        I hope this will come to help someone.  If you want more information click the links above to continue on your preparation.for student loans.  If you have any more information on the subject matter feel free to share and help others get out of their debt.             

Here We Go

        College.  The place where young minds grow and prosper.  Where boys become men and girls become women.  College is a place for growth. I time for adventure and to find yourself.  College is also to set up your life for the dream job.  A career that will set you up to be successful in the years to come.  Well, that is what you are to believe anyway.  In truth, most students go to college to study for years, accumulate debt, and perform in a job that will most likely be irrelevant to the field of study.  What is worse, that student will then go on for most, if not all, of their life paying off that schooling. 

         The thing is, this day of age you must go to college to even have a chance at a great life.  Even the typical bachelors degree might not be enough anymore.  A student that wants to make major money must get a higher education, and order to do that you need money.  A lot of money.  And it's not the poor that are getting hit either.  No, the people that are getting hit the hardest are the middle class.  Or what is left of the middle class.  

         This information bothers me to know end.  It bothers me because I am part of that group.  As of right now I owe over $65,ooo.  I am not done with my master program and it has been impossible to get into any type of job in my field of study.  If I can obtain a steady job and a nice income I can pay off all this debt by 5 years.  But of course that isn't talking about the interest that is set on the loan.  Most likely I will be paying this loan off for the rest of my life.  

         My blog will go into details of student loans and the effects it will have on people.  How the middle class is fading due to student loans.  An economic bubble is emerging due to students not being able to pay.  Then the depression sets in.  I will go into depth on each subject.  

         If anybody has dealt with student loans feel free to share your story.  It is time to gain more awareness for student loans.  Before it is to late.  

   

Welcome Debt

One student, one blog, and a whole lot of debt.