Many grown people have told the youth that in order to live “American Dream”, they would need to go to college and become a lawyer, doctor, scientist, engineer, etc. No disrespect to these professions, the algorithm doesn’t work like it used to anymore.
Of course salaries in these professions may vary, but necessities such as healthcare, groceries, mortgages, and clothing are becoming more difficult to obtain. And on top of that, there’s student loan debt, which is the last thing someone would want to deal during these times.
Millions of Americans are in debt of federal student loans. Though we are lucky that we are living in a time where we can find scholarships and grants from just a few clicks away, many Americans are still in debt from the money that they have borrowed.
According to the Education Data Initiative, $38,375 is the average student loan debt, while the average total balance, which can include private loan debt, can be as high as $41,520. Many students who attend 4-year universities end up relying on loans for most of their years. This can lead to a lower credit score and wage garnishment in the future.
Just imagine the thousands of dollars worth of students loans students would need in order to go to medical school, graduate school, or any further studies that are relatively more costly. Even before attending any of the schools stated, certain degrees might take longer to complete, which means more money to borrow from.
Students are taking longer than usual to get a degree. Of course there are certain degrees, like a PhD or a Masters, which naturally take longer to obtain, but there are some cases where students take longer to complete degrees that aren’t in the same level as Masters or PhDs.
A study from The New York Times, then published by UB Tech, declares that only 36 percent of full-time students complete their bachelor’s degree on time without any pause. This study also included state flagship universities and selective research-intensive universities.
There is no way that a “full-time” college student cannot complete a bachelor’s degree in four years for any reason whatsoever unless if there’s a serious issues, like a family emergency. If there is enough money on the table to help them complete their education, and there’s plenty of resources available to assist, what’s stopping them? At this point, they might as well think of dropping out and search an alternative route where they have enough money to pay for basic necessities.
As said before, we are fortunate to live in a time where we can make a living through the internet, which provides countless opportunities (digital marketing, affiliate marketing, dropshipping, etc) to make income if used correctly.
If possible, some students should look into getting into the trades and going that direction. Trades such as HVAC, plumbing, automotive tech, and welding are in high demand, according to Research.com.
Another pro about getting into the trades is that it is less expensive to get into and you for sure won’t get into a lot of debt in the future.
On top of owing the government students loans, there’s another factor that needs to be taken care of in the future: high cost of groceries. Foods, such as fruit, meat & poultry, and cooking oils just to name a few, are worth more than double the amount than they would cost 10 years ago.
According to the USDA, prices for all foods are predicted to increase by 2.2 percent in 2025. This can become a headache for students in 4-year universities and it might prompt them to find multiple streams of income to support their needs.
But there’s one food in particular that has people in disbelief and rethinking life choices: eggs.
CBS News reported in January that one customer expressed her shock on social media after realizing that she would now have to pay more than the double the amount of what she was paying for a dozen of eggs ($2). Eggs are an important part of breakfast and perhaps lunch, but students will need to start looking for alternative foods to consume that are budget-friendly.
If you’re a senior in high school or maybe even an adult who’s looking to resume their collegiate studies, think about the consequences that comes with getting student loans, and how long it would take to complete your degree. Choose wisely and think about how your life would look like 10 or 20 years down the road. Think about choosing other routes like joining the military or getting into the trades. These routes will save you an immense amount of time and money.
