Debt and the Nontraditional Student: a discussion.

Okay. A lot of nontraditional students have debt.

Many have student loans, and some have debt from before going back to school too.

Many of us have used credit cards too much... or decided to get something (like a computer) that was needed today instead of tomorrow. As far as student loans go, some people think that they should be forgiven - - and that school fees are way too high. And there is no guarantee that a student will actually get a job after graduation anymore. So how is a student supposed to pay student loans when they don't have a job?

First off, there can be no other choice for nontraditional students but to borrow to go back to school. So hopefully students will get a degree or certification in a "good" area, one that makes it possible to be hired.

And there is another complication for some students who have too much debt and want to declare bankruptcy and start over. Courts may not let them get out of paying their student loans.

As many of my readers know, there was a law passed recently that made it much harder to declare bankruptcy and eliminate your student loan debt.

So what can students do? Here are some suggestions:

1. Keep loans public - use government loans and try not to use private loans, which can charge a much greater interest rate.
2. Take as many courses as you can and stretch your semester dollars,
3. Consider tech or trade school (with transferrable credits) because the cost is lower, and
4.  Do your research and make sure what you are training for is actually in high demand.
5. Consider a 2-year degree, pay off debt, then get another degree, if needed. This allows you to only pay for 2 years instead of 4 or more.

Have another good suggestions? List it below as a comment.

Here are some interesting articles about student debt and student loan debt:
Student loan forgiveness ideas leave Americans split
Actual student loan forgiveness exists (for teachers, more)
Law Grads go to Court for Bankruptcy Protection

Betsyanne

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