The cost of college tuition is ridiculous and to make matters worse, it’s rising every year. Debt is the only option when you’re trying to go to college, unless you settle for community college. Getting ready for a 4-year college means that you’re getting ready for a lifetime of college loans. Even though it might sound crazy, college can be the biggest waist of your life, since you’re not even promised a job in your field of study.
Debt is the worst issue when trying to get into a 4-year college. Let’s do some math. The average college tuition for one semester is about $30,000. Financial Aid helps, but not enough. They cover about $12,000, which leaves the balance of $18,000 behind. Let’s say you have about $5,000 in Grants and your parents give you $5,000. That leaves you with a balance of $8,000. Of course you don’t have the cash on hand or in the bank, unless you’re a Hilton, (which in that case you wouldn’t even be thinking of college anyway). So, what are your choices? Well, first you can see if anyone you know can give you the money. You could play the lottery and hope for a win. You could work full time and go to school at the same time and not learn half of what you paid for. Or you could just get a student loan.
A student loan is hard to get. I know you’ve seen those advertisements on television that say you can get $40,000 per year for college. But what they don’t tell you is that you have to have a co-signer. If that co-signers credit hasn’t been perfect for the last two years, your loan will never exist.
Now you’re all set for your first semester of college. When that’s over, then what? Yes, that’s right. You have to go through the whole process again. What are you’re chances of getting a loan of $8,000 each semester? Not good. Even if you do, the interest rate may be high or you may even end up with one of those loans where the cash goes straight to the college. Then you’ll have the buy your own books and any software you might need with cash out of your own pocket!
So, at the end of those 8 long, hard, semesters you get a big reward, a degree! You also get a tuition bill for $64,000, not including interest! Well that’s expensive, but at least you got your education that’ll help you get that job you want. But, you forgot one thing, there’s a 75% chance you won’t get the job you’ve been learning about for 4 years. What happens when six months pass and you still don’t have that job? You end up returning to your summer job at Food Lion to pay the bill. Your salary at Food Lion will probably be between $6 and $8 an hour. How are your going to pay $100 per month on college bills, buy a house, pay utility bills and buy food? You can’t!
In conclusion, I’m not telling you not to go to college. I am telling you to plan your life the smart way. Don’t go to Medical school to be a day-side stocker at Target. It’s a waist of time and money. Search for good schools with good prices, not schools that have a reputation for being majority white or black or the best party throwers. If you know what you want, by all means go for it, but don’t get in $64,000 of debt doing so.