Handling the Cost of Education: 2 Sides to Every Coin

On average, college students who physically attend college will leave their school $18,000 in the hole. That’s a $5,000 jump compared to the generation before, who averaged $13,000 of student loan debt after graduating in 2004. While this number is troubling, it’s just the tip of the iceberg. With seemingly no sign that this trend will reverse any time soon, a couple of questions become clear. Is college worth it? What are my payment options? What about debt? Before you take the plunge, let us discuss your options and find the best plan for you.

Is college worth it?

• Yes, it is. Despite rising costs, the social stigma of a college degree alone is worth the price once you enter the job market. College also provides several unique educational and professional experiences that help develop prospects and define personal goals. While the cost is great, a college degree is akin to gold (in value and weight) after graduation.
• No, it is not. The trade-off simply isn’t the same as it used to be. Gone are the days when you could pay for an entire semester with paychecks from a part-time job. Even if a degree is a hot commodity in the job market, it is not worth nearly $20,000 in debt right out of the gate. Building a resume through real-life experience sets you up ahead of your peers in experience while idyllically leaving you entirely out of debt.

Is it possible to further my education without signing up for a lifetime of debt?

• Knowledge is expensive, but it’s also an investment in yourself. We respect the courage it takes to embark on that journey and are always ready to help make it happen. As a Caro Federal Credit Union member, you have access to some of the lowest-rate student and personal loan options in the country. As compared to federal student loans that are set at a fixed rate, private or alternative loans from your credit union have variable rates. Also, with private loans, your credit score can determine the interest you have to pay. This can help you shoulder the burden of financing your in-person or online education.
• The verdict is in and the latest trends show that enrollment in online classes is on the rise from traditional pursuits, like university masters programs to new platforms, like MasterClass. Combine that with the undeniable practicality of technical schools and it’s easy to see that there have never been more opportunities for alternative learners to chart their own paths and spend less money doing it.

The Takeaway
Getting a degree is paramount for several professional fields. It is a fact that will remain true for the foreseeable future. In some cases, it is absolutely necessary to take on those costs. Luckily for you, when this is the case, you have a dedicated team of financial experts at your disposal to help you make the numbers work. If you’re ever feeling overwhelmed, talk to one of our experts before you make your next move. From the campus to the keyboard, we are here to help make it happen.