Go to College Without Incurring Huge Debt from Loans

Before the turn of the century, most college-bound students financed their education through work and government student loans. Those going to more expensive schools would sometimes opt for other types of loans. The interesting thing about these students is that most spent many years paying off those low-interest government loans. Those who continued for masters or doctoral degrees often are still be paying on those loans.

In the middle of houses and cars and kids, they're stuck with bills from over a decade ago. Keep working, somewhere down the road it will all pay off, or so the common wisdom goes.

With the lessening of control over credit and loans, has come a preponderance of private student loans. These private companies have now flooded the airwaves and online banner space with targeted ads. While 18 year olds are considered adults in many ways, they are highly susceptible to these marketing campaigns. They are usually in a stressful and uncertain position wondering where the money for school will come from. We as parents and educators often increase this pressure. Further, finance is not a subject most high school seniors are offered.

Put them in a position where they are offered all the credit (debt) they want to go to college, and you can imagine how easily they succumb. After all, they still don't have to start paying until they're finished with their schooling.

One myth is that few college students can afford to go to school without loans of some sort. This is a myth that is perpetuated by the establishment. Some believe they need to go to schools like Harvard or Yale. This is strange when these schools charge many times the rate of their local public universities. Is a degree from Princeton really worth more than one from UCLA? If so we have a faulty system.

What kids need to know is that there are relatively few instances where the amount of money they pay for famous private colleges would be worth it. If you're looking to get a job with the most prestigious law firms in the country right out of college, you should probably consider going to a top Ivy League law school. Just don't forget about placing high in your class.