Choosing your major right is important to pay back student loans
Student loans present a worse picture than would’ve been thought possible. Every year you get to hear stories about the probable number of students dropping out simply because of the fact that they can’t handle the debt burden altogether. In fact, recent figures about student loan debt would tell you how miserable the situation actually is. It’s a known fact that student loan debt is hovering at somewhere around 27,000 dollars. Now there are of course reports saying that the cost of higher education will be slowing down. However, how much of it actually stands to benefit the students is something most aren’t aware of for the inflation rate also continues to be high.
If you’re to go by the study conducted by the Institute of College Access and Success, then you’d come to realize that the total figure of student loan debt has literally tripled. It now stands at 1.1 trillion dollars. This figure is based on the data of the past 8 years essentially. This data also points to the increasing percentage of 25-year-olds carrying student loan debt which is on the rise too. This jump from 25 percent to 43 percent isn’t happy news for the young students out there either.
A case in point is that of Kasey O. who graduated back in 2009 with a Bachelor’s in Fine Arts. She actually managed to earn a college degree in the field she was passionate about. It was with a lot of support from her family, friends and school guidance counselors and in fact high school teachers that she finally made. But the flip-side remains the fact that Kasey was unaware of the 80,000 dollars she had borrowed for this degree. Moreover, the interest had started accruing since when she had been in school. This left her with something under 100,000 dollars in debt upon graduation. Kasey has paid over 17,000 dollars payment in the last 3 years, but still owes around 95,000 dollars.
Yes, her story might seem outrageous, but this is the basic truth and it can be seen with almost every other American student. A 6-figure student loan debt is intimidating to say the least and on top of that the agony of carrying it through. Another instance would be of Richard C. who borrowed a starting balance of 107,000 dollars when starting out for college. His student loan also happens to be on a repayment plan that’ll last decades literally. Most importantly, he wasn’t even aware of what he’d been in for when he started with it. Talk about a hard lesson learnt when choosing one’s favorite major!
These 2 experiences actually teach a lesson to one and all. The idea is to choose a college major which makes financial sense and which would prove advantageous to your career. Following your passion blindly might not be such a wise decision after all. In spite of all this, you can of course follow your heart and study what you wish to at the end of the day.