College Students are Overestimating How Much They’ll Make After Graduation

Written by adminJune 20, 2019
Real life

Many companies are finding that students right out of college are overestimating how much money they’ll be making. They assume that because they have a degree, they’ll be ushered to the front of the line for better work. That’s not often how life works. Starting from the bottom, one has to work their way up to higher wages.

But college students often come in with some unrealistic expectations. This information comes from an online polling software called Pollfish that surveyed 1,000 undergraduates about what they expected to be making once they graduate. The results of the poll were interesting, as it showed how much expectations don’t meet with reality.

“In particular, we labeled business students as the most ‘delusional majors’ because they overestimate how much they’ll be making out of college by $14,585 and how much they’ll make 10 years into their career by $47,070,” Tommy O’Shaughnessy, head of research at Clever Real Estate Analyst and the author of the report.

“It seems the next generation of college graduates might be in for a rude awakening … the average college student has seriously unrealistic expectations for both their early and mid-career salaries.”

By the Numbers

The average student believes their bachelor’s degree right out of college is worth $57,964 in their first year. Sadly, that doesn’t line up with what really happens. The average median salary of someone with a bachelor’s degree hovers around $11,000 lower per year. That’s a massive overestimation! One can expect to make around $47,000 per year throughout their first five years.

O’Shaughnessy continued to state that there’s a true ‘lack of information’ that has led graduates to overinflate their starting salaries. Some of it has to do with a feeling of superiority as well. College grads put 4 years of work into their degree and expect a rolling out of the red carpet and a hefty salary to pull them in.

“While college graduates [who] get further along in their education… learn more about different job opportunities and can start to estimate how much they’ll earn, … there’s a phenomenon known as ‘illusory superiority,’ which is the tendency for people to overestimate their qualities and abilities,” O’Shaughnessy added. “I think we’re seeing that tendency come through in this study.”

Student Loan Debt Part of It

While a lot of the problem stems from a lack of information and illusory superiority, there’s still a massive chunk of this to blame on student loan debt. Most college students leave school tens of thousands of dollars in debt. They only have a six-month grace period before their payments start to kick in, whether they’re ready for it or not.

As college tuition rises, so does student loan debt. When one graduates with so much debt, they expect to find a job that will make racking up all that debt worth it. The problem is, a college degree is a long-term investment. You might see greater opportunities because you have a degree, but it takes time to find the right career.

You also have to put a bit more experience behind you. The more experienced you are, the better opportunity you have to ask for higher sums of money. You’ll get raises over the course of your time working at a company. So, while a college degree might not seem as if it’s worth it at first, stick with it. Its value will grow over time.

Read More

Having Student Loans Can Make Buying a Home Impossible

Written by adminMay 10, 2018
Saving

Owning a home is part of the big American dream. It’s why we care about going to college and getting the best education money can buy. When it’s time to settle down and start a family, part of the process involves securing a mortgage.

Right now, millennials fall within this age group. They’re graduating college, but find that life outside the campus isn’t as easy as they first thought, forcing them to live at home.

The first issue is the current housing economy. Millennials are starting their families, yet they find that housing isn’t so easy to find anymore. When they do find something, the prices are through the roof. That’s because the high demand coupled with low inventory sends cost nearly to unattainable levels on its own.

The cost of rent is much higher. 23% of millennials say they felt forced to buy a home because rent was way too high. Rent has gone up in 85 of the top 100 cities, according to a survey from the Department of Housing and Urban Development.

This isn’t the only thing stopping millennials from buying a home. The other issue is their debt.

Currently, 62% of millennials have student loan debt, which exacerbates the cost of home ownership. 45 million Americans owe $1.5 trillion in student debt, as it was recently reported. It’s a new record that doesn’t seem to be going away anytime soon.

Almost 1/5 of those with student debt owe $100,000 or more. That’s a lot of money and it works against them when it’s time to buy a home.

A large amount of student will not only take a large portion of your income (if you’re paying back regularly), but also put a huge dent in your credit. If you’re credit isn’t in tip-top shape and you already have a large amount of debt, banks will be less likely to give you a loan.

Even if they do feel confident enough to do so, you can bet the interest rate will be enormous.

That’s why 80% of millennials blame their lack of home ownership on their student debt. Regardless of their need to escape high rent costs and/or they’ve started a family and need a bigger place, their student loans made their dream impossible.

Debt-to-Income Ratio

According to the National Association of Realtors, nearly 1/5 of those who can’t get mortgage approval are denied because of student loans. That’s because their debt-to-income ratio is way too high. Banks look it as unsecured debt, which is applied negatively towards the borrower.

If a large chunk of your income is going towards student loans, that means you probably don’t have much of an opportunity save money. If you can’t save, then you can’t afford a down payment.

85% of those with student loans say they delayed buying a home because they didn’t have the money for a down payment. Most former students pay between $350-$500 each month for their loans. That makes it extremely challenging to be able to throw down $40,000 for a down payment.

For this very reason, a lot of millennials turn toward their parents as a co-signer or for the loan.

The best thing for anyone to do after graduating college is to focus on their career and paying off debts. If your debt is getting the best of you and preventing you from having milestone moments, then you should get help in taking care of your loans.

The federal government has created several programs designed to help people pay off their debts faster.

For more information about these programs and to see if you qualify, call us today at: (855) 221-9282. Getting your student debt under control should always been your first goal, or else it will keep you from living the life you deserve.

Read More

Students and Teachers Rally for Change

Written by adminMarch 1, 2018
Uncategorized

Right now, across our great country, there are thousands of people walking out of our educational institutions with one word on their mind: change. Teachers are walking out to demand better pay and benefits. Students want a safer learning environment after a series of mass shootings rocked their sense of security.

In West Virginia, schools have been called off in every county as teachers rallied at the state capital in Charleston. Their main gripe involves not being paid adequately enough, as well as benefit cuts to health insurance that has left the state’s educators reeling. They’re also firmly against new legislation known as “paycheck protection”.

Governor Jim Justice did sign a bill that increases teacher salary by 2% and 1% after two years, but the teachers still aren’t happy. The new pay increase is minimal and offers no additional health benefits. They continue to rally and march outside of the state capital, hoping these extra days off will compel their government to act, but no one knows if or when it will happen.

Students Are Rising Up

In the wake of the February 14th shooting at Stoneman Douglas that left 17 dead, school had been called off, giving traumatized students time to grieve and unite together for a now common goal: gun reform. They’ve started rallies, held speeches, and even participated in a CNN town hall to tell their story and compel U.S. lawmakers to make a change.

Of course, that task isn’t as easy as the students would hope it would be. While democrats and anti-gun advocates stand firmly behind the students, pro-gun groups see it as a threat to their constitutional right to own a firearm. While the debate continues to rage on, the students continue to rally.

Not just at Stoneman Douglas, or even in Florida, but all over the country. Carrying signs and staging walk-outs, these angry teenagers feel they have no voice since they are too young to vote and need to speak out in the best way they can. Taking full advantage of their spotlight, these students want the world to know they’re angry and fed up.

A Change Needs to Happen

It should be obvious to any viewer that school funding simply isn’t enough. When President Donald Trump first proposed the idea of arming teachers to help protect students, the first reaction was essentially, “you don’t even pay us enough for books and pencils, much less for guns and training.”

They have a good point. Our education system is falling apart. It wasn’t but a few short years ago when the Detroit Public Schools was all over the news for their poor standards. Only 16% of all 11th graders in that district scored a proficient grade in math and reading. It’s not just bad test scores, but corruption as well.

$46 million was found to be missing after an audit and several employees were charged with embezzlement. Combine this with the deteriorating classrooms, they have a real mess on their hands, one that won’t be cheap to fix. They ended up closing 29 of the schools, laying off over 2,000 teachers, and cutting their curriculum budget by over 80%.

Regardless of where you stand on certain issues, changes need to be made. Teachers need to be paid more, students need to feel safe in their classrooms, and we need to work on overhauling our entire educational system. This is especially true in inner-city schools where funding is scarce, violence is rampant, and students are under-performing.

Who knows. Maybe there’s a huge link between teachers being unable to teach, the turbulent lives of young students, and the failed education system that presents the negative consequences we see today. The only thing that will help is a dramatic increase of funds for schools to help pay teachers and improve safety.

Read More

10 Ways to Save Money Each Month

Written by adminOctober 26, 2017
Credit & Debt Settlement

Saving money can seem nearly impossible when you don’t know what steps to take. Start with these 10 ideas to start spending less every month.

1. Consolidate Your Debt

If you have several types of debt, you can consolidate it into one account with a lower interest rate. Once you consolidate your loans, you only have to make one easy payment per month. As long as you get a lower interest rate, you could save hundreds of dollars a year.

2. Refinance Your Car Loan

Car loans don’t seem expensive when you get them. Those monthly payments add up quickly, though.
Talk to several banks in your area about refinancing your car loan. If one of them gives you a lower interest rate, then you can make your monthly payments more affordable. Even a few dollars each month will make a difference.

3. Find Cheaper Car Insurance

Take a few minutes to search for cheaper car insurance. Call your insurance company to ask them about a lower rate. You may have to increase your deductible, but it’s worth it as long as you don’t have an accident.
You should also get quotes from other insurance companies. You never know what kind of deals you’re missing until you get offers from several companies.

4. Consolidate Student Loans Into a Lower Monthly Payment

Repaying student loans can make it difficult for graduates to start saving money. You can often lower your monthly payment by consolidating your student loans.
When you consolidate your student loans, you could lock in a lower interest rate. Plus, you’ll only have to make one payment per month instead of worrying about loans from several lenders.

5. Use a Credit Repair Program to Get Lower Interest Rates

It’s hard to repair bad credit on your own. Consider talking to a credit repair program that will negotiate lower rates on your credit cards, loans, financed purchases and other debts. It helps to have a pro on your side.

6. Look for Cheaper Health Insurance

You can also save money by getting cheaper health insurance. Try looking for plans that don’t cover as many medical services. You can also increase your deductible to lower your monthly payment.
As long as you don’t get really sick or hurt, you won’t even notice the higher deductible.

7. Buy a New Car With Lower Payments

Sell or trade in your current car so you can get a vehicle with lower monthly payments. You’ll need to research several cars to make sure you save money, but it’s worth it. Plus, driving a new car means that you don’t have to pay a mechanic to fix mechanical problems that happen in older vehicles.

8. Get a Payday Loan Advance

If you can’t afford to pay your bills one month, get a payday loan instead of letting your credit report take a hit. Make sure you repay the lender as soon as possible, though, to avoid extra charges.

9. Find a New Credit Card With a Lower Interest Rate

It pays to shop around for a new credit card that gives you a lower interest rate. You’ll see a big difference in your monthly bill even if you only knock off a few percentage points.
Look for cards that will give you an interest-free trial period. That way, you can start paying off your debt without worrying about interest.

10. Take Your Lunch to Work

Grabbing lunch at a restaurant gives you a break from the workday, but it also costs a lot of money. Eating out for lunch costs about $11, so you can easily spend $50 from Monday to Friday. Taking your lunch only costs about $6.50.
Pack your lunch everyday to save about $90 a month.
It doesn’t take a lot of effort to save money when you know how to do it right. With these tips, you could start spending less and saving more!!

Read More

10 Easy Ways to Keep More Money in Your Pocket

Written by adminOctober 16, 2017
Saving


When you’re already living paycheck to paycheck, it can seem impossible to save money. The usual sites offering financial advice aren’t too useful either with their suggestions for better stock investments and squirreling away hundreds of bucks a month. Well, we’re here to help with a few of our favorite tips you can actually use. They won’t make you rich, but they’ll help you stretch your dollar a little bit further and give you some breathing room.

1. Student Loan Consolidation

If you have multiple student loans from different years, reach out to your lender or one that specializes in refinancing and consolidate them into one. You’ll usually get a lower interest rate that will allow you to pay down debt faster.

2. Credit Card Debt Consolidation

Look around for a new credit card with a balance transfer promotion of 0 percent or very low interest for a set amount of time. Transfer all or part of a balance from your highest APR card and pay it off. Just be sure to transfer only what you know you can pay off before the promotional period ends.

3. Get a Card with a Lower APR

Get a credit card with the lowest APR possible. Whatever you do, don’t get behind on it; that can trigger late fees and a penalty APR that could even affect your card rates with other lenders.

4. Repair Your Credit

The better shape your credit report is in, the better credit card terms you can expect. This means lower rates, higher credit limits and sometimes extra perks like cash back. If your credit could use some help, look into a credit repair program to help get your credit back on track.

5. Reduce Health Insurance Costs

Generally speaking, the healthier you are, the less expensive you are to insure. Doing things like stopping smoking and drinking and losing weight make you a better bet for insurance companies. Make sure your progress is noted in your annual physical and then contact your insurer for a review.

6. Reduce Car Insurance Costs

The safer you drive, the better your insurance rates will be. If it’s been a while since your last accident or traffic violation, contact your insurance provider to negotiate a better rate.

7. Refinance Your Car Loan

If you’re still making payments on a car you bought when your credit was worse, contact your lender to ask about refinancing your loan at a lower APR. If they won’t play ball, threaten to refinance through another bank. If that doesn’t work, take your business elsewhere.

8. Buy a New Car

Let’s say you’re not actually making car payments. Instead, you own a beater you’re dragging into the shop every week. It sounds counterintuitive, but you might look into buying a brand-new car. Not only will you have a much more reliable ride, but new cars will stay under warranty for a number of years, meaning less money you have to shell out for repairs and routine maintenance.

9. Get a Prepaid Phone

Traditional cell phone contracts often include all sorts of unnecessary extras you never use, so why are you paying for them? Prepaid service is just as reliable and often much cheaper than a contract. You do have to pay for the phone upfront instead of getting it free with a new contract, but you’ll save money in the long run by only paying for the services you actually need and use.

10. Cut the Cable

You’re paying a premium for all those cable channels that never show anything you want to see. Well, it’s time to break up with your cable company. You can keep it for internet service, but cut out the TV subscription. Sign up for online streaming platforms like Netflix, Hulu, Amazon Prime and others to watch what you want at a fraction of the cost of a monthly TV cable bill.

Read More

10 Quick Ways to Save Money Each Month

Written by adminOctober 16, 2017
Saving


Getting into debt seems like it is something that is easy to do. When you try to get out of debt, that is when the real work starts. Here are 10 ideas to help you reduce your expenses when it is time to take control of your finances.

1. Consolidate your debt into a lower monthly payment

Consolidating your debts into a lower monthly payment can save you money. Instead of having to try to pay multiple payments, everything that you include in the consolidated payment will be paid with one convenient monthly payment. In most cases, this can help you score a lower interest rate than what you would pay on individual bills.

2. Refinance your car loan

A refinanced car loan starts out at a lower amount than a new car loan. This can automatically lower your monthly payments, especially if you are able to extend the life of the loan some.

3. Lower your auto insurance payment

Take a look at the car insurance payment you are making. You might be able to increase the deductible or decrease the coverage to lower the payments. Shopping around for car insurance might also be beneficial.

4. Consolidate your student loans into a lower monthly payment

If you have multiple student loans, you can likely get them all transferred into one monthly payment. Some federal repayment plans are based on your income so this might help you out if you are at a lower income rate.

5. Enter into a credit repair program

A credit repair program is a good idea if you have already missed some payments. These programs can often help you to get a lower interest rate, especially if your debt is at a high-interest rate, such as 25 percent or higher. You should make sure that you are working with is a legitimate company by checking with the Better Business Bureau and other agencies.

6. Lower your health insurance costs

If you don’t have any health issues, lowering your health insurance costs can help you to save money each month. Get a policy that has a higher deductible or one that has only basic services covered. This isn’t a good idea if you have health issues since you might end up with uncontrollable medical debt.

7. Buy a new car

Car repair bills can get expensive. If you are spending more on repair bills than you care to admit, it might be time to get a new car. This might seem more expensive at first; however, you might find that a car payment is less expensive. Plus, you will have a more reliable way to get to work and run errands.

8. Get a payday loan advance

A payday loan should be one of the last things that you consider if you need to come up with money fast. These loans often come at a higher interest rate, so carefully consider your other options. Of course, if you have an emergency, this might be a feasible option for quick cash if you know you’ll be able to repay it quickly.

9. Get a new credit card with a lower interest rate

A new credit card might seem counterproductive when you are trying to reduce your monthly bills, but it really isn’t. Many new credit cards have a 0-percent interest rate during the introductory period or for balance transfers. This fact alone might be able to save you some serious cash each month.

10. Reduce your employment costs

They say you have to spend money to make money, but you shouldn’t have high employment costs when you are working for someone else. Reducing the costs of your job can entail bringing your lunch instead of eating out and hitting up second-hand clothing stores for things to wear. If you need transportation to work, see if a co-worker will get you instead of shelling out money for transportation costs.

Read More

The Plight Of The Middle Class And How Credit Repair Can Help

Written by adminApril 24, 2017
Credit & Debt Settlement

*This is an advertorial*

Life can be filled with limitations when you have bad credit, and I recently learned how to screw and un-screw myself out of credit nightmare. Putting everything on a charge card turned out to be a terrible decision, and when the government threatened to start garnishing my wages, I was forced to pool everything I had to make a one time payoff on one of my student loans, which actually had a negative impact on my score because I settled. I was bankrupt and I was just starting out. As my score dropped, the banks sent cancellation notices for all of my credit cards—even the ones I always paid on time. It seemed like big banks had just turned their back on me.

My husband was forced to face his credit barriers when his car transmission died out of warrantee. When the car salesman pulled his credit to see if he could get approved for a lease, he shook his head in shame. It showed a score in the low 500s, a high debt to credit ratio, and poor payment history because of medical bill charge-offs from when his appendix ruptured. 

We needed better credit, which I thought meant waiting 7-10 years for negative items to be removed. As it turned out, fixing our credit was painless because there are services out there, like CreditRepair.com, that are meant for people like us. CreditRepair.com works directly with the credit bureaus and your creditors to help you get unfair items removed from your report and get you back on track for a clean financial future. They understand that life can get out of hand, and that sometimes, trustworthy candidates can get screwed out of good credit scores in the process. Plus, they do all the legwork for you.

I signed up for CreditRepair.com just two months ago. On my consultation call, Skye, my personal CreditRepair.com representative, worked with me through the process, answering my questions with patience and knowledge. She made me feel confident that together we could accomplish everything I’d sought out to achieve. She explained that for most items she saw on my report, they would send their lawyerly “challenge letters”, to which creditors have to respond or refute, or the items get removed. CreditRepair.com has methods of getting creditors to exercise leniency as well. For example, if you have issues with high student loans, bankruptcy, an expensive divorce, or high medical bills, Credit Repair will alert creditors of this as they did when they mentioned my outstanding student loans in challenge letters so that creditors would potentially give me more leeway.

During just the first month of my subscription, I received my frist 3 removal emails from CreditRepair.com! (It means they got 3 negative items removed from my report.) My credit score shot up 22 points immediately as a result, and continues to climb as I follow along on my Score Tracker, the chart which displays your credit score progress each month.

As for my husband, he started receiving removal emails from CreditRepair.com just two days after I did, and within just the first 45 days of his membership, CreditRepair.com had already gotten 44% of the negative items on his report removed. And he got approved for that car lease from the dealership that scoffed at him less than two months prior! Incredible, and fast results.

Turns out, this is the norm. While individual experiences may vary, on average, CreditRepair.com subscribers see increases in their credit scores month after month. And it’s been giving us the fresh start we need to rebuild our future.

Update: The folks at CreditRepair.com are extending a special offer to our readers. Follow this link, or call 1 (855) 969-4469 for a free credit consultation including your free credit report summary and score!

Call 1 (855) 969-4469 anytime between 7am and 11:59pm EST for a free consultation including your free summary credit report and score!

Read More