Student Loans Debt can be crushing

K.C. Pham, Reporter

In 2003, the total debt amount was $253 billion. It has grown dramatically since 2003. The total student loan debt is now about $1.45 trillion. In 2018, college students borrowed an average of $33,654 to pay for college.

Students should make a plan for the long term. They should take Xello seriously early in High School to know what they want to be. Doing so allows students to invest wisely in college for classes they actually need. Much of student loan debt is because many students switch majors. The average college student switches majors 3-5 times during their first four years of college.

Another thing students can do in high school to help them with college is getting as many college credits as you can in high school such as AP classes and concurrent credit. Taking college classes during high school also will give students an advantage because the classes are often at a reduced price.

Although students learn more by taking classes that are not part of their majors, it can be an expensive luxury. Remember, the more money a students owes, the less he or she will have for an apartment and living expenses after college.

If college students take large amounts of loans, it could affect their debt to income ratio and some of their consequences may happen such as getting your wages garnished, being sued, and losing out on tax refunds and federal benefits. 

Students should apply for FAFSA and fill it out every year, as it isn’t a one and done thing. High Schoolers should try to get the best grades they can get in high school so they get the best scholarships. They should take the ACT as many times as they can to get the highest score as possible. While in college, students should have a part time job and spend their money wisely and only on essentials and save early. They need to make a budget and avoid credit cards at all costs. High Schoolers should also apply early for as many scholarships as possible and utilize college and career counselors.

Being careful about racking up student debt can make post-college life less stressful and more enjoyable.