Currently in the United States, 44 million Americans owe $1.56 trillion worth of student loan debt. That’s a massive chunk of change that is forcing many Americans into making rash financial decisions. In fact, studies are showing that many people are putting off major life decisions, like getting married or having children, because they have too much student debt.
This is causing many people think that a college education might not be worth it. Of course, you have to consider your degree a long-term investment. It does pay off, but it will take a while. It does take time to build up your work experience and pay off your debt. One financial expert, Chris Hogan, author of “Everyday Millionaires”, simply advises people not to do it.
“No debt, don’t do it. If you have to wait while you work and save up money, or you wait while you pursue grants or scholarships, I would much rather it take you six years to get a four-year degree than to take on $200,000 in student loan debt that’ll take you 15 years to attempt to pay off,” said Hogan.
This is certainly an interesting perspective. Most people believe that they have to go to college immediately after high school. They don’t. If you can wait, and wait.
“Debt is a thief. This student loan situation is a massive problem,” Hogan stated. “On average, [Americans] have around $55,000 in student loan debt. So, people feel the crunch and the push to try to figure out what to do. And right now, they’re drowning in debt. They can attack this debt by being on a budget and understanding” how it can be fixed.
Student Loan Debt a Major Political Sticking Point
There’s a reason why many Democratic presidential candidates constantly speak about their plan to make college free. They also wish to wipe out all student loan debt. It does impact many lives and our economy. On the Republican side, it’s all about making personal choices. President Trump says the American taxpayers shouldn’t bear the weight of that debt.
“There’s a myth that you have to go to a ‘fancy school’ and take on $200,000 of student loans to become wealthy,” Hogan said. “Instead, state and community colleges are good affordable options.
“Some young people don’t need to go to college,” Hogan said. “They might need to go to a trade school or maybe they work while they’re saving up money. But I think there’s so many scholarships and grants out there, that we’re so used to signing on the dotted line for a student loan instead of taking the time to apply for scholarships.”
