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Graduate School Debt Often Curtails Plans of Nonprofit Work
Tweet Share on Facebook May 25, 2011 Comment (2)The Project on Student Debt's recently released report, titled "Student Debt and the Class of 2009," estimates that college seniors in 2009 graduated with an average of $24,000 in student loan debt. For those continuing on to obtain advanced and professional degrees, the situation is even more dire. For example, the American Bar Association's Legal Education Statistics for the academic year 2008-2009 indicate that the average amount borrowed by law school graduates attending public school is $66,045 and by private law school graduates is $100,002.
Put these grim statistics next to the fact that salaries for public service and government positions are stagnant, and you have an alarming trend: Many people who want to work in public service jobs will not be able to afford to pursue those careers.
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Starting at Community College Can Save Thousands
Tweet Share on Facebook May 18, 2011 Comment (8)Want to reduce your educational debt? Consider attending a community college for two years and transferring to a four-year college or university to complete a bachelor's degree. This strategy is often referred to as a 2 + 2 plan.
Many community colleges have agreements to ensure students' credits will transfer to a four-year school, and some schools offer need- and merit-based aid to community college transfer students. Additionally, the cost of tuition at community college is often significantly lower, and saving on room and board for two years can help cover the increased costs that will be incurred when the student transfers.
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Student Credit Card Use Could Cause Problems Later
Tweet Share on Facebook May 11, 2011 Comment (4)Students increasingly have been using credit cards to finance living expenses and education, a necessity for many given the rising cost of education.
Despite the name, credit cards are in fact loans, requiring repayment with interest. Paying high interest on educational expenses means overpaying for college costs and the need for using credit cards must be balanced with the danger inherent therein.
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The Student Loan Ranger's Mailbag Express: Repayment
Tweet Share on Facebook May 4, 2011 Comment (4)Each month we will dedicate one of our blog posts to questions that readers have sent in to shed light on the educational debt decisions that our readers are facing. Please note that our responses are not meant to provide specific legal or financial advice. Every individual's situation is unique, and we encourage people to reflect carefully on their options and to consult a financial adviser who can review their specific financial situation.
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