The Hateful Eight

If you're anything like me student debt is one of your biggest fears. Unfortunately, many of us simply opt out of the scholarship search and decide to simply take out student loans. Though these loans may get you through the expenses of college, we may very well be stuck paying them off for the rest of our lives! Allowing your monthly debt payment to exceed 8% of your monthly income can increase relationship stress and lead to less marital satisfaction. Many public high schools do not require a financial literacy course, and it’s causing many college students to incur thousands of dollars in debt! I did some digging on academic search complete to see what the experts said about this….

According to a study conducted at Abilene Christian University in Abilene, Texas:

A 2013 survey of 9,523 borrowers with private student loans revealed a median private debt load between $25,000 and $35,000, and 28% of the private debt balances exceeded $50,000 (94% of the respondents also had federal loans).
This means that for every 100 students that graduate, 28 of us will owe more than 50,000 dollars to the State or Federal government!
47% of graduates delayed buying a house (15% were denied a mortgage); 47% delayed buying a car (21% were denied a car loan); 35% delayed starting a family; and 23% had put off starting a business due to their debt burden.
This debt will affect us for the rest of our lives. It could keep is from buying a house or car, and even starting a business. It may even keep you from getting married or having children!

A loan in default may become due and the government may take legal action to sue, garnish wages, take receipt of federal and state tax refunds, deny professional license applications, and report the default to credit agencies, impacting the borrower’s credit for years.
This means your debt could even keep you from paying your internet bill! Goodbye steam account….
A Federal Reserve Bank of New York survey found that loan literacy in the United States is poor and many who have student loan balances lack understanding of the consequences of delinquency and default.
You’re not the only one to be confused by student loans, the majority of students don’t even know what default means!
Do not allow your student debt to surpass a monthly payment of 8% of your monthly gross income.
If your debt surpasses this limit then it can affect future relationships, and even lower your standard of living.

I’m sure we can all agree that student debt is not a good way to go, but what are the other options? Many students give up too soon on scholarship opportunities and state programs. I highly recommend visiting here , especially if you are a Georgia Resident. This site has information on State and Federal aid programs. It also contains many of the application links to public schools such as Georgia Southern . I have also found that simply asking the financial aid department of your transfer college can allow you access to a great number of financial aid opportunities. Don’t be afraid to ask financial aid for help, and remember to fill out your FAFSA! Most importantly, avoid the hateful 8.