And here they sit, trapped. Because they're walking around with this pound ball over their head, and they're trying to balance that and live a life. So why is anyone signing up voluntarily to carry around the pound ball? And how did no one notice until now?
Author of the book Debt-Free Degree , Anthony ONeal, has firsthand experience trying to balance the burden of student loans. Now, he's devoted his life to helping young people make better decisions, especially when it comes to money. Do I go off to college? If I do go off to college, how do I go off to college? What he didn't know is that student loans would send him down a road that would take years to clean up. Student loans are a problem, impacting Anthony, you, our kids and our nation.
It was going to be yes. Anthony did end up getting a scholarship from the National Forensics League. I borrowed money just for the freaking lifestyle. Live off of what? You're borrowing money, and you're paying back so much! But no one ever told me that. When students start borrowing massive amounts of money as a teenager, it sets them on a path that just spirals into more and more debt.
No one told me! I just followed what everyone called normal. Normal is trying to impress my friends and go to the same school that my friends were going to. That normal ended with me in the back of the car. That's normal? I was tired of being normal. I was ready to be different. And being different means we don't have to be normal to be successful.
We should not be financing things. We should not be in debt. A recent Ramsey Research study of consumer debt shows that four out of 10 people don't even think student loans are debt. So that begs the question, what exactly is debt? So, if you borrow money for a student loan, that is debt. You have to pay it back. And if you're making payments on your college loans—that money can't be spent on something else, like rent, gas, food or retirement savings.
That's bad for you and the economy. Anthony is not the only one who thinks debt is bad. There's a guy out there who has been yelling about this on a street corner for almost 30 years. And that street corner happens to be the third largest talk radio show in the United States: The Ramsey Show. Needless to say, he's got a strong opinion when it comes to student loan debt.
Is education a good thing? Is it worth investing in? Yes, in a proper setting, with proper analysis as to what kind of a degree you're going to get, and is it applicable in the field.
Instead, look at things like scholarships, tuition reimbursement programs, and part-time jobs to help your student fund college. You can get yourself out of student loan debt for good. Take a class like Financial Peace University where you can learn how to stick with the debt-free grind and pay off your student loans quicker than you ever thought possible.
We know the student loan crisis seems too huge to even think about sometimes. Focus on how you can get out of the debt you have and teach your children to steer clear of student loans completely. Make the choice to get out and take the steps to move forward with your life. Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since Millions of people have used our financial advice through 22 books including 12 national bestsellers published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.
Guided Plans. Trusted Pros. Free Tools. About the author Ramsey Solutions. More Articles From Ramsey Solutions. Learn More. During the town hall, Ramsey and ONeal, author of the upcoming book "Debt-Free Degree," said it is possible to go to college and get your undergraduate degree without taking out student loans. Here are four of the money-saving ways they recommend students and their families approach getting a degree. Contrary to popular perception, going to community college is not a "dumb move," Ramsey said.
These schools are not simply for students who didn't get into a more prestigious university. About 8. In Tennessee, residents can attend the first two years of community college for free. However, that doesn't mean all community colleges are worthwhile, Ramsey said.
Similarly, there are two types of community colleges, some of which are substandard. That means you need to do your research, just as you would with any other university.
Private loans tend to have higher interest rates than federal loans, so refinancing can save a lot of interest over time. The only words of caution here are to make sure you do not refinance any loans that might be eligible for student loan forgiveness, as this could invalidate your eligibility. On top of that, according to a survey conducted by Cengage, it will take around 20 years for students to pay this debt back.
At CollegeFinance. Check out some of our latest guides on how to reduce your student loan debt quickly:. Learn about how you can take advantage of pell grants when funding your college expenses, how much you can receive, and more in this helpful article. Discover top higher education tax benefits and recaptures to take advantage of for and in this helpful article! Tip No. Verdict: CollegeFinance.
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