How to Handle the Cost of Higher Education: 2 Major Questions

 

On average, millennials who physically attend college will leave their school $29,800 in the hole. That’s a $16,000 jump compared to the previous generation, who averaged $13,000 of student loan debt after graduating in 2004. While this number is troubling, it’s just the tip of the iceberg. With seemingly no sign that this trend will reverse any time soon, a couple of questions become clear.

  • Is college worth it?
    • Yes, it is. Despite rising costs, the social stigma of a college degree alone is worth the price once you enter the job market (depending on the line of work you are looking to go into). College also provides a number of unique educational, social, and professional experiences that help develop professional prospects and define personal goals. While the cost is great, a college degree can be akin to gold (in value and weight) after graduation.
    • No, it is not. The tradeoff simply isn’t the same as it used to be. Gone are the days when you could pay for an entire semester with paychecks from a part-time job. Even if a degree is a hot commodity in your job market, it is probably not worth nearly $20,000 in debt right out of the gate. Building a resume through real life experience can set you up ahead of your peers while idyllically leaving you entirely out of debt.
  • Is it possible to further my education without signing up for a lifetime of debt?
    • Knowledge is expensive, but it’s also an investment in yourself. We respect the courage it takes to embark on that journey and are always ready to help make it happen. As a First Financial member, we can help you shoulder the burden of financing education related expenses and supplies with a personal loan.*
    • If attending college isn’t in the cards for you or if you’re just putting it on the back burner for a little while, there are still cost-effective options out there for you. Many students are considering forgoing the traditional higher education experience altogether. The verdict is in and the latest trends show that enrollment in online classes is on the rise from traditional pursuits, like university master’s programs to new platforms, like MasterClass. Combine that with the undeniable practicality of technical schools – and it’s easy to see that there have never been more opportunities for alternative learners to chart their own paths and spend less money doing it.

The Takeaway

Getting a college degree is paramount in a number of professional fields. This is a fact that will remain true for the foreseeable future. In some cases, it is absolutely necessary to take on those costs. Luckily for you, when this is the case, you have a dedicated team of financial experts at your disposal to help you make the numbers work for your budget. If you’re ever feeling overwhelmed about financing the cost of higher education, talk to one of our experts before you make your next move. From the campus to the keyboard, we are here to help you make it happen!

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. A First Financial Federal Credit Union membership is required to obtain a Personal Loan, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. Federally insured by NCUA.

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