Today's college students are under tremendous pressure to develop a strategy to finance college and find alternative ways to pay for college. With an average debt of $20,000 after receiving a degree, students are starting off with a huge debt that will take them at least 10 years to pay off. Let's look at some realities of the situation.
If a student can get a loan at 8.25% to finance college, and they owe $20,000 when they graduate, they will have to pay $245.32/ month for 10 years. This is on the low end of the scale but for those students who owe $100,000, their situation is very different. Using the same 8.25%, they would have to pay $1,226.54/month over 10 years or $852.07/ month over 20 years. We need to find an alternative that can give the students more options to pay for college. The discussion is ongoing, but few people are coming up with viable alternatives. We need to help students and families rethink alternatives to pay for college.
What is the financial impact of this kind of debt in a student being able to live independently after college.
If a student should find a job that pays $50,000/ year, that is $4,166.67/month income. Let's use $1,500/month for rent, $150/wk food ($600/month), $250/month utilities, $300/month car payment, car insurance of $175/month, minus school loans $245.32/month or more, which leaves $1,096.35 to pay for health insurance, clothes, entertainment and let's not forget income taxes and FICA. Even with a good paying job, the margin is very small. What happens to those who do not find a job immediately? They defer loans without realizing the full impact of this. Remember when you defer payments, the principal remains and interest is added. Your debt is growing rapidly. Many studenst use this option without realizing the full impact. When I tried to do research on deferring payments, I found lots of sites with services to consolidate debt or how to defer payment but no one was giving the real truth on the impact!
I have an alternative for you and I would like to talk with you and your family to show you the full impact of our program. Go to www.zerocollegedebt.com to learn how to use Real Estate to help pay for college. I know, everyone is scared of real estate right now, but prices are at an all time low and so are interest rates! This program shows you how to generate an income, has a support, benefits and ongoing education system that is available to you. We also work with Certified College Planners who can help you with your forms and develop strategies to understand ways to increase eligibility for college grants and scholarships and help your decrease debt while you figure out how to finance college.
Go to www.zerocollegedebt.com to learn more about this innovative program. Our program is innovative and brings in all the tax incentives and it may be able to save you between $40,000 - $100,000, depending on your situation and the college market you are entering. This method has been used by the wealthy for years but is now available to the average consumer to help pay for college.
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