If you’re anything like millions of other young Americans, the egregious burden of your student loan debt just might be keeping you up nights. With so many stresses inundating our instant age, it’s not uncommon to lose sleep because you’re stressed out. You can definitely start by checking out some holistic ways to help ease your mind of strain and facilitate a good night of healthy, restful sleep. There is, however, no substitute for getting to the source of the problem: getting your debt managed and under control. Having the knowledge and understanding to expertly handle your personal finances is a hugely impactful facet of debt management.
Promoting Responsible Borrowing
Incoming college students tend to be ushered into loan packages without taking a lot of time to contemplate the impact of those loans on life after college. After all, student loans are the norm; most students expect they’ll have to take out loans in order to pay for college. But there are a lot of different options for loans. Even more importantly there are ways to develop a debt management plan to ensure you’re getting the best value out of your loans. Without being adequately informed of the ins and outs of personal finance, students are left without the means to conceptualize what their loans will really mean to them.
Dispelling Fears About Student Loans That Keep Kids Out Of College
Lack of information about personal finance also has the opposite effect of that listed above. Instead of over-borrowing, some students forego college altogether for fear of becoming another student debt horror story, forever indentured to their student lenders, living a life without possibility of retirement or financial solvency. Unfortunately, skipping college in 2012, while sparing you from the frying pan of student debt, bounces you into the fire of a significantly diminished earning potential.
These fears could be assuaged by greater awareness of how to borrow responsibly. Not all debt is bad debt; and there are ways to work your financial aid so that you aren’t biting off more than you can chew.
Personal Finance Is Not Taught In School
Personal finance is an area for which young people are woefully unprepared. It’s kind of shocking because dealing with money is such a necessarily large part of anybody’s existence. If you work for a living, you’ve got to understand how to manage your money. The better you understand your own relationship to your finances and potential future finances, the better equipped you’ll be to figure out how to make your life work as you incrementally grow up and out of the nest. Without this highly useful area as a part of school curriculum, students have got to go somewhere to get educated.
Stemming The Tide Of Unmanageable Student Debt
It’s all over the news, it’s in the elections and it permeates our personal lives: we are in the midst of a student debt crisis. There are loads of great ways to help borrowers out of their student debt woes. There are government programs and there are helpful organizations out there, designed to help students manage debt. One tremendous way to keep students out of a debt crisis in the first place is to educate them about how to navigate their personal finances. If college has you borrowing like a grown-up, you’d best be able to manage you finances like one.