For Students looking to get into University they are always surprised that Education Cost is Highest next to home ownership.
Only housing is higher than education costs and even then only when it comes to buying a home.
And these Costs have a very long term impact on Graduates.
Everyone can see the impact simply paying back the student loans has.
There is a much larger impact that most overlook
Student Loans set Graduates back 10 years
Everyone can look at University Grads and be happy that they got their degrees.
What is not so easy to see is the impact the debt puts on them.
That debt it typically going to impact the grads for the next 10 years.
While its easy to look at the numbers and draw a conclussion it is not the entire picture.
Many Grads live in virtual poverty for the 8 to 10 years it takes to pay back the loans.
While that is bad enough their is more to the picture
In order to pay off the loans you will be likely left with only half of the money you make each month.
That puts you in poverty financially speaking.
Either that or you have family that helps out.
No matter how you pay it is still the same amount owed.
Lost time, Lost life
The truth is that paying for this loan or loans will take 10 years and during that 10 years you will be focused on paying.
It means you effectively will not be able to do other things you want to.
You will not be living the life others do.
It is a burden that effectively sets you back 10 years in life.
This means that Education Cost is Highest and its lasting impact for good and bad is also huge.
Once you get thru paying down loans you will almost always be above average financially.
But this is a hard path to follow.
So does the fact that in the western world Education Cost is Highest mean that it is once more only for the wealthy ?
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