Every Decade and every year it becomes harder when you are Paying for Education
One of the main problems with University degree programs is rising costs.
Over the past 20 years Degree Costs have risen at last twice as fast as the Expected Salaries.
this means it will take students longer and longer to pay for their education.
Paying for Education with Student Loans
While Student loans are fantastic to enable students to persue Degrees.
Most students never pause to calculate the total cost the loan will end up being.
It starts our interest free, but that is not the case long term.
The cost of loans has gone up so much that they are only one step away from house mortgages.
Imagine a student in Mechanical Engineering as an example.
Expected Salary is decent but you always start at the bottom.
Lets say you graduate with loans and it is a 4 year program.
Average total costs per year puts you at $50,000 per year for a grand total owing of $200,000
Its a staggering amount.
Your goal salary is $75000 and hopefully around $100,000 after 10 years.
You need to payoff the loans in those first 10 years, so $20,000 per year is your goal.
That is essentially half of your take home pay for 10 years.
It leaves you with $20K to live on which is absolutely below poverty levels.
Family Options for Education Costs
with costs being so high you need to look to your family for help.
If your parents could not afford to pay directly perhaps there are other options.
If you could live at home rent free afterwards that is a huge benefit.
That along covers half of the repayment costs.
The main issue to this is getting a job that actually allows for this.
Other options are to live in housing with others to reduce costs.
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