This country’s student debt situation has gotten much too severe to ignore. The federal student loan debt in the United States is now $1.58 trillion (as of summer 2021), with total student loan debt exceeding $1.7 trillion.1,2 That’s ridiculous.
If you’ve had to deal with student loan debt, you know how stressful it can be. Many people’s choices are limited by their student loan debt. They’re postponing marriage, unable to purchase houses. It’s a vicious loop that must be broken. But don’t worry, Payday Champion may help you.
Early on, there is a lot of pressure to go to college.
It’s a widely held belief in our nation that if you don’t earn a degree, you won’t succeed in life. It’s easy to understand why high school kids are scared that they won’t get a quality job if they don’t have a degree. And they’ve been told that taking out a loan is the only way to finance a college education. That’s a lot of unneeded stress for youngsters to cope with every day. And that pressure might begin to build even before kids start high school.
Ramsey Personality and presenter of The Dr. John Delony Show, Dr. John Delony, has two PhDs and more than 20 years of experience in counseling, crisis management, and higher education, including 16 years in university administration. He has a lot of knowledge on how student loans affect our children.
Dr. Delony added, “When my kid was in first grade, he was already being advised in school to start thinking about what college he wanted to go to.” “Man, I was taken aback. Wait, what? I recall thinking. Let’s teach them how to kick a soccer ball around because they’re in first grade.
“The idea that the only route to succeed is to go into the greatest institution you can, regardless of cost, and we’ll work it out afterwards is ridiculous,” he said.
That message is not only insane, but it is also completely false! Many individuals who never went to college have achieved success through sheer hard effort. There are several ways to earn a solid living without obtaining a college diploma.
Student loans are never the right choice, even if college is.
Students may need a degree to enter the field of their choice. But we’ve lost sight of the reality that a degree is a degree regardless of where it was earned—and that earning a degree without taking out debt is quite attainable by attending a cheap institution. That may even mean attending a community college, which many students despise.
“Community college is a fantastic alternative!”
” stated Dr. Delony. “When you look at the raw numbers, it’s impossible to refute that going to college will result in you making much more money throughout your life.” When people ask whether I’ll urge my children to attend college, I always say yes.
“But I’ll also tell them that my mother attended a small community college before transferring to a nearby institution,” he said. “She earned a PhD and now works as a posh research professor who travels the globe for her profession. It’s ridiculous to believe that you have to attend a large, private, name-brand institution because community college is for losers. I know far too many academics and administrators who work at community institutions, and they are excellent.”
Student loan debt often results in regret.
The fact is that students have a plethora of possibilities that they are seldom informed about. They’re left with the impression that they can’t pursue an education without taking out loans and accumulating debt. We’d like to believe that student loans make life simpler for students, but they do the opposite: they encourage kids to develop bad financial habits while they’re still in school. Student loan debt has consequences that aren’t only financial.
According to Ramsey Solutions research, 53% of people who took out college loans regret their decision. Furthermore, 43% of those who took out student debt regret attending college at all. Living in regret isn’t good for anyone’s mental health.
Dr. Delony knows what it’s like to be saddled with student loan debt.
“My wife and I have a total of five higher-education degrees between us. “And to obtain them, we went into debt,” he continued. “Now we’re in the clear—that debt is no longer an issue!” However, I recall its strain on our marriage—the nocturnal awakenings. And I’ve seen it weighing heavily on new instructors who are unable to breathe due to their debt.
“Do I believe that attending a private college is a worthwhile experience?” Sure. But, just as I wouldn’t advise someone to purchase a Lexus if they couldn’t afford one, he wouldn’t advise somebody to go $60,000 in debt for a private college education. “If you can’t afford it, it’s not for you.” A Toyota Corolla is also a fantastic automobile that will get you where you need to go.”
Teachers can assist students in choosing the best path for them.
Higher education is a passion for Dr. Delony and Ramsey Solutions. And we’re on a mission to make sure that young people understand that borrowing money isn’t the way to acquire it.
“No matter what you want to accomplish in your profession, further education is necessary,” Dr. Delony stated. “I believe that instructors may play an essential role in exposing children to the possibilities.
“Look, the students who are on pace to go to big-name institutions are going to big-name schools,” he added, “preferably on a scholarship.” “The students who feel less than are the ones whose prospects would be drastically altered if they went to a two-year trade school or two years for free at a community college and then transferred to a state institution.”
Teachers can make a difference for those pupils, according to Dr. Delony, by promoting trades, technology, and community college and creating a picture of the life they may have if they pursue those pathways. They can assist children in answering issues such as, “What sort of house can I afford?” ” and “What will my family’s lifestyle be like?” Students will be more willing to explore such possibilities if they better know what they might imply for them.
“Right now, they don’t comprehend because the message is simply, ‘Go to college.'” College is a must! ‘He went on to say, ‘
Parents and instructors may also assist kids in developing a better—and more realistic—understanding of what it means to pay for college using student loans and how this affects their prospects. Borrowed Future, a documentary created by Ramsey Solutions, shows the dark underbelly of the student loan business and how it is designed to work against student-loan debtors.
Borrowed Future is a message that all children need to hear. Thus, Ramsey Solutions is giving it free for every teacher at any school to film in their classroom! Borrowed Future is now streaming on Amazon Prime Video, Apple TV, and Google Play.
The documentary Borrowed Future is an excellent approach to begin a discussion with your children about their alternatives beyond high school—and how they may choose to put themselves up for success by refusing to take out student debt. As we lay out the reality, you’ll hear from Dr. Delony, Dave Ramsey, and other industry insiders like Seth Godin and Seth Frotman. They may graduate debt-free and escape the student loan industry’s exploitative practices!
Schools may take this further by providing real-world financial education to their kids. Ramsey’s Middle School and High School Foundations in Personal Finance program will educate your kids on all they need to know about money. It’s everything you wish you’d known before entering the real world.