Agreeing to take on debt for school is a consideration that all job seekers must evaluate. Many jobs require some sort of degree as a prerequisite, and four year degrees can be especially costly. But the news is riddled with stories of how student debt just doesn’t pay off. Even for professional services degrees to work in law, journalism, or another field the income received by most graduates is barely enough to offset the cost of surmounting debt.
To determine whether you should take on student debt, consider the following factors:
- Many students today are graduating with skills, but cannot find jobs in the marketplace. They are forced to take jobs that pay minimum wage and then faced with student loan repayment six months down the road, meaning that the debt will now take 25 years instead of 15.
- The demand and the salary that is available if you graduate and find a job in your field is important to consider. Using tools online, determine what your cost of schooling will be and how much of that you anticipate having to pay with loans. From there, you can estimate how much student loan repayment fees will be per month. Taking the time to consider these numbers before you sign a promissory note can save you from sending half of your paycheck off to pay for student loans later in life.
If you find that later in life you’re unable to pay for accumulated student debt, there are options. There are federal student loan debt forgiveness programs in place for employees who work in the public sector. Speaking with a credit counselor or financial advisor may also give you some ideas about how to tackle student debt. An Ohio bankruptcy attorney may also be able to help.