Dreading graduation? Want to know who’s responsible for spinning your $40,000 loan into $100,000 over 12 years and crushing you if you can’t afford it? CollegeScholarships.org and byJess.net bring you this epic (if overdramatic) graphic detailing the industry of student loans and how to avoid ’em altogether.
Community college being as cost-effective as it is, many wonder if fancy college could possibly be worth the expense. Maybe not. But if you disregard the subjective value of the “experience,” what it comes down to is this: you’re investing in not just knowledge, but social and cultural capital—you’re literally surrounded by people who know people in positions to help you. Nothing to sneeze at.
Pre-college saving is solid advice, of course, but if you’re middle class and set on liberal arts, the money you’ll save from minimum-wage summer jobs will barely subtract a pittance from the soul-crushing immensity of post-grad debt. Some better guidance: learn how to manage and save money once you’ve graduated and begun your career. Learn how to make a budget, shop smart, cook, and keep tabs on your income and expenses. Learn how to save enough to pay off your loans in a lump sum, depriving Sallie Mae and the banks of $20 grand in finance charges. (Of course, few colleges will teach you that.)
—Photo via Tozak.org
Sources…
[…]here are some links to sites that we link to because we think they are worth visiting[…]…
KELVIN GOLD Dear Applicant, We are Financial Intermediary. For both PERSONAL AND BUSINESS Loans.Ranging from 5000 to 50 Million.A Non-Collateral Loan with no credit Score Or Income Verifications. Your Best Chance of getting your application approved is to be gainfully employed to support the monthly repayment of the Loan. To begin with,you will be required to provide some detailed information through this email,concerning your Identity.Afterward,you will be sent this Company’s Terms and Conditions for Loan disbursement.On your Agreement to the Terms and conditions of the Loan,the Company will move on to sign the Loan Contract with you. We shall contact… Read more »
I’m just grateful I live in Georgia where the HOPE scholarship is offered to those who have a minimum of 3.0 GPA, which, frankly, isn’t hard to keep. But of course the requirements have changed, so you have to maintain a 3.7 to keep the full HOPE, but you’ll still get part of it as long as you maintain a 3.0. I’m going to go scholarship crazy when I get out and apply for the Denver Institute of Publishing.
Awesome article! Very beneficial to those who haven’t fallen into the trap. I defaulted on my student loans… and it didn’t take very long for the garnishment to show up on my paycheck. At least they let me keep my taxes every year.