Student Loan Debt
Are you considering a student loan for a college education? Think again!
According to the Pew Research Center, Americans with student loan debt lag behind in wealth accumulation, home ownership, and general economic well-being. They struggle to tithe, support charities, or live out the generosity to which God is calling them.
Listen to the implications and likely differences of going to school with or without borrowing…
Those who financed their education by borrowing money are likely to have twice the amount of overall debt, including car loans and credit card balances.
They owe the equivalent of two years of income on their loans, and are less satisfied with their personal financial situation that those who did not borrow. They’re even less likely to say their education has paid off!
But, those with no student debt have the highest net worth – 7 times more than those who are carrying debt.
Clearly, we need to rethink how we are funding college educations!
If you owe money now, get a plan, work hard, make sacrifices and enjoy life on a budget. Get in the habit of giving ….even if it’s just a little! Avoid any situations where you’ll be tempted to spend more than you should. Use cash. Remember the tortoise and the hare? Steady plodding brings prosperity.
If you’re preparing to send a child to college, do all that you can to help them avoid the bondage of student debt. Living at home, attending community college, working part-time and seeking scholarships are ways to lower the expenses. The opportunities are great, but we need wisdom to be good stewards!
The best way to steward your education, or graduate debt-free, is to have a plan. Crown’s Money Map is a visual guide and makes it easy for you! Download it for free at crown.org/moneymap