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Two Different Views – First the Positive Mortgage View

I have owned a mortgage. I have also owned a student loan. There is a big difference. When I got the mortgage, it included the house. When I got the student loan, it only came with a high interest rate.

The house is guaranteed, the job isn’t. There are so many people that have invested time and money into an education, later to deal with the disappointment of no available positions. Or even worse, moving back home which can become a reality.

Many have become rich investing in real estate. The house can be flipped to make a profit, the education cannot.

We all need a good education, I cannot argue with that. But in my case, experience was the best teacher.

Next, The Positive Student Loan View

In today’s fast paced society where many determine their self-worth and judge others by the size of their bank account, the kind of possessions they have and of course, their home (or mortgage), the more and larger the better!

Those that subscribe to that belief must have been the same individuals in college just to get a piece of paper that they thought would give them a huge paycheck. Fast-forward 20 years of so and these are the same individual drowning in credit card debt and wondering what went wrong.

While many fools rush out to get student loans, those who invest in an education will not only gain something far more valuable than a home or car, but will ironically make more in a lifetime than the fools who only see dollar signs.

Now of course many people who take out a mortgage happen to have student loans, so what do those individuals do when comparing which was more valuable as an investment? Student loans are by far a most worthwhile investment when compared to other debts people are willing to incur.

Again, the student loan not only enabled them to gain knowledge, critical thinking skills, and an education but also enabled them to get a career that may very well got them the house they live in.

Then there are those who pursue an academic field that leaves others wide eyed and confused. They are individuals who see value in learning and not a paycheck. Their passion is in their field and may end up giving them more satisfaction than any money or mortgage. Their treasures are not those of the world.

In reality it appears that higher education is filling up with more and more people who only take on an area of study because it provides a job with a higher salary in the end. In actuality, this seems to be true. Yet, there is so much more that goes along with it.

A mortgage is a good financial investment, but without an education not only will a mortgage seem to cost more, but the individual without an education won’t possess many of the things that are truly important.

Material possessions are to be shown and make you and others feel good at times. However, an education is something that will always serve you well and never be lost. Student loans are part of an investment in you, an investment that will always keep paying off for you.

Think Beyond College

Smart use of your money and your credit in college will enable you to spend the money you earn when you graduate on things you really want like a new car, a nice apartment or house instead of all of your income going towards debt repayment.

A short story from a graduate that experienced the journey follows. If I knew at 18 what I know at 28, I could have prevented so much disaster from happening.

Instead, I owe $150,000 to student loan companies with no escape. I hope that you will read this before you fall into this trap. Don’t say I didn’t warn you.

At 18 college was a dream come true. I could study real-world topics without parents to monitor my class attendance, my coffee intake, or my late-night slurpy runs to 7-11 with friends.

I had worked part-time as a teen, but had no savings or significant sense of financial responsibility. Nor did my parents, which led me to finance a private school liberal arts education in my native Southern California with student loans.

I qualified for some federal money. The rest of it would come from private loans. I paid for room and board, books and gas for dad’s car that got me around. A few thousand lattes later and some new clothes each semester, the bills started to add up.

So it was impeccable timing when the credit card solicitors hit me. Finance charges and interest rates, what’s that? These concepts did not matter at the time to me. I graduated four years later with $150,000 student loans and $11,000 in credit card debt.

Avoiding Loan And Other Financial Mistakes

Use your student loan money to finance your education, not your lifestyle. Tuition, room and board, and textbooks are smart ways to spend your student loan money. You’ll be paying these loans off for the next ten to 20 years, so use the money wisely.

In addition to student loans, the average college student has four credit cards. In the first year of college the average debt was $2,169 on these cards. At interest rates of 15 to 18 percent, you may be paying off this credit card debt into your 30s and 40s.

The way you handle your credit card debt will follow you for many years. If you max out your credit line, don’t pay your bills on time and keep collecting credit cards to add ways to obtain money, you’ll have a very poor credit score after you graduate. This will affect everything you do when trying to purchase what you want.

A budget helps you plan ahead by knowing how much money you have coming in and going out. It gives you the power you need and the peace of mind of knowing where your money is going.

It’s really not important where you spend your first two years in college. Attend a community college while getting your general education requirements out of the way, and then transfer to the school of your choice. This way you can work and not take out any loans.

You’ll save tens of thousands of dollars, which you’ll appreciate when you are trying to pay off your student loans after you graduate and find that money is stretched.

The Number One Way To Make Extra Money Is A Part-Time Job

As a student attending college, your studies should be the most important aspect of your school life. However, there is no way to stop the pressure of the social status, rent, utilities, transportation costs, food, health care, laundry expenses and of course tuition.

Hopefully, you have planned way before you enter college and have most of this covered. Even if you do, 89% of students will be paying back school loans when they graduate from school.

What you will need, either way is a way to make a little extra money while in school to help out with present expenses or future expenses. We will look at a few part-time jobs that might work for you while in school that you can fit into your schedule and also enjoy your college life.

A paper route may sound juvenile but it truly is not. A paper route has many opportunities to choose a route that best fits your own schedule. You can deliver Sunday only papers or weekend only papers. Contact our local newspaper and see what opportunities they have that might work for you.

A landscaping part-time job also has flexible hours and can pay pretty well. This can include mowing the lawn, trimming, watering the lawn and plants, shoveling snow in the winter or whatever is needed. Since it is not required everyday, perhaps this type of work might be a perfect fit.

Many areas are looking for mystery shoppers. They are unknown people that review the quality of a store; the employees and the general pace of everything happening while you are there. The company that hires you pays you to shop and you choose your own schedule.

Is There Any Other Way Than Working A Job?

Sure, there are plenty of ways to help when it comes to saving money. It depends on the type of life style you are willing to settle for. Since college life is for a short period in your life I would suggest to enjoy it, yet save on everything and live inexpensively as you possibly can and survive.

Here are some good tips in other areas for saving money. Consider living in the dorms. They are often the cheapest option because you do not have to pay utilities, which can be a very large expense on the budget. Often you want that independence when leaving home, but this will really help in the cash department.

Leave the car at home and purchase monthly passes for whatever public transit there is available for you. Or ride a bike; it’s cheap, no gasoline, oil or too much maintance charge and great exercise.

Pay cash for whatever you buy. Credit card debt, once it piles up, can take a huge chunk of your income in interest alone. And when going out for the evening take only what you can afford to spend.

Go to matinees instead of evening shows. The discounts are almost one half the price.
Buy used CDs and books. Shop at discount clothing and grocery stores. And a great way to save is to clip coupons. Several stores have double-coupon days and you save twice as much.

You do not have to be entertained such as small children. Now you can entertain yourself. Go hiking; go to parks, libraries, museums, coffee shops, etc. Explore the world and you will find others doing the same thing.