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College expenses are outrageous. Should I be concerned about the amount of student debt I will be in?

Debt sounds scary. Will I be able to even pay it off? #studentloans #debt #loans #finance #financial-aid #college #money

Hi Kierra! I think these might help answer your question: https://www.careervillage.org/questions/101526/how-am-i-going-to-pay-off-my-college-debt and https://www.careervillage.org/questions/66508/how-will-i-pay-for-college Abby Lupi

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Don’s Answer

Yes. Be concerned but understand college is an investment and the return is you. If you go to medical school and and quit while racking up a $100K of debt you have lost time and $. But if you become a doctor you will earn multiples of that debt over the course of your life. But the real return will be in the gratification and the ability for you to earn a living while living your passion. What is that worth?

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Katie’s Answer

Student debt can be overwhelming. There are some ways to help lessen the pain.

While I was in school, I paid the interest on my student loans plus a little extra. It wasn't a lot of money but every little bit helps. It almost made my loans feel less scary.

There are programs that help students pay back portions of their loans if they take a job that may seem less desirable to others. My mother was able to get rid of part of her student loan debt for her Specialist Degree in Education through this time of program.

Starting at a community college and living at home for your first year or two can also help to keep costs down. You can transfer to a larger school once you are ready to take the classes that you can't take at your community college.

I earned money to help pay for part of my expenses by co-oping (going to school for a semester and then working the next). I was able to pay for a lot of things with cash instead of building up huge credit card bills.

Katie recommends the following next steps:

Find out what options are available to you for working while in school. Can you co-op, intern, etc.? This will help you pay for your expenses beyond tuition.
Are you going into a field that may have some opportunity for student loan forgiveness? Education is the one example that I know of, but there may be others out there.